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A federal bankruptcy court approved on 2020-10-02 the sale of OneWeb to the British government and Bharti Global.
BidCo 100 Ltd. is the holding company established by the British government and Bharti Global that made the winning $1,000,000,000 bid for OneWeb in July.
The British government and Indian company Bharti Global are acquiring OneWeb from bankruptcy.
In July, the British government and Indian telecom company Bharti Global announced plans to purchase OneWeb out of bankruptcy and resume deployment of OneWeb’s global low-Earth-orbit broadband constellation.
Bharti Enterprises and the British government are buying OneWeb and each pledged to invest $500,000,000 to revive the bankrupt venture.
Bharti Enterprises planned to build two or three gateway stations in India for domestic OneWeb services.
Bharti Enterprises is asking the Indian Space Research Organisation to help develop user terminals for OneWeb and to collaborate on providing broadband across India.
Bharti Enterprises planned to seek a cooperation agreement with ISRO to combine GEO and LEO satellite capabilities for Indian territory.
The British government and Bharti placed the winning bid to acquire OneWeb in July and each agreed to invest $500,000,000 to revive the megaconstellation startup.
Hughes Network Systems invested $50,000,000 in OneWeb in 2015 alongside Airbus Group, Bharti Enterprises, Coca-Cola, Intelsat, Qualcomm, Totalplay, and the Virgin Group as part of OneWeb’s $500,000,000 Series A round.
The U.K. government agreed to take a 45% stake in OneWeb as part of a co-purchase with Bharti Global.
OneWeb’s bankruptcy court approved the acquisition of OneWeb by the U.K. government and Bharti Global on 2020-07-10.
Bharti Global is investing $500,000,000 into OneWeb.
The Department for Business, Energy and Industrial Strategy and Bharti Global announced on 2020-07-03 that they were acquiring OneWeb.
The U.K. government, through its Department for Business, Energy and Industrial Strategy, is co-acquiring the OneWeb megaconstellation startup with Indian telecommunications company Bharti Global.
The 2020-07-10 court approval cleared the way for the sale of OneWeb to the British government and Bharti Global, which bid together as BidCo 100 Ltd. on 2020-07-03.
The British government and Bharti Global will provide $1,000,000,000 in new funding to recapitalize OneWeb pending approval by a U.S. bankruptcy court at a 2020-07-10 hearing.
OneWeb secured $1,000,000,000 in new funding consisting of $500,000,000 from the British government and $500,000,000 from Bharti Global to recapitalize its constellation effort.
The British government and Indian mobile network operator Bharti Global placed the winning bid to acquire OneWeb following OneWeb’s Chapter 11 bankruptcy filing in March 2020.
Bharti Global is expected to provide commercial and operational leadership to OneWeb and to leverage revenue from its base of more than 425 million customers.