U.K. Government to Invest £400 Million in OneWeb
Posted on 07/03/2020
Japan-based SoftBank Group Corporation and Mubadala Investment Company are in talks to support a U.K. government-led acquisition for London-based OneWeb, a financially-collapsed satellite company. Bharti Enterprises is an exisiting shareholder of OneWeb and is working with the U.K. government. The U.K. government is spending £400 million for a 45% stake in OneWeb. The U.K. government hopes the OneWeb network could work as a replacement for the loss of access to the EU’s Galileo satellite-navigation system.
SoftBank Group is an investor in OneWeb, which raised billions before it ran out of cash.
OneWeb filed for bankruptcy in March 2020 in the United States when the company failed to land new funding. Deal details will be clarified by July, 10, 2020 when the U.S. Bankruptcy Court for the Southern District of New York rules on the sale.
