Satellite communications company OneWeb has confirmed a consortium of the UK government and Bharti Global as the winning bidders in the company's court-supervised sale process. The deal is expected to completed by Q4, pending approval from OneWeb creditors, the Bankruptcy Court and applicable regulators.
The consortium has committed to provide more than USD 1 billion to acquire OneWeb and finance the full restart of business operations. Indian operator Bharti Airtel has extensive mobile broadband networks and an enterprise business, which will act as testing ground for OneWeb services, products and applications.
Bharti's presence across South Asia and sub-Saharan Africa, where the terrain makes the use of satellite connectivity necessary, will provide a near-term anchor customer for large-scale deployment of OneWeb services. The purchasing consortium will now work with OneWeb management to develop the strategy and business plan, and resume the satellite launch schedule.
