Deals
U.K. Government Venture Wins Satellite Sale, Inching Closer to Space
- Bharti, U.K. to each pay $500 million for combined 90% stake
- Investment gives U.K. foothold for national navigation system
OneWeb launch in French Guiana in Feb. 2019.
Source: OneWebThis article is for subscribers only.
The U.K. government and Indian telecommunications tycoon Sunil Mittal won an auction for bankrupt satellite operator OneWeb, taking Britain a step closer to relaunching its post-Brexit space ambitions.
An arm of Mittal’s Bharti Enterprises Ltd. conglomerate and the U.K. will each commit $500 million in a deal expected to close by year end, the bidders said in statements on Friday. Each bidder will get a 45% stake in OneWeb with existing investors retaining 10%, a person familiar with the deal said.