British Government: Acquires/Rebuilds OneWeb: Jointly funded by Bharti Global
2020/07/04
British Government and India Bharti Global:
British Government and Bharti Global India acquired OneWeb. Rebuild
It was found that the one that acquired OneWeb was a consortium led by the British government.
India Bharti Global is funding the consortium.
Bankruptcy of OneWeb:
OneWeb aimed to provide a communication network based on satellite constellations.
However, after the bankruptcy, applied for protection under Article 11 of the Federal Bankruptcy Code in March 2020.
The sale procedure has been completed recently (posted on Twitter)
Bharti Global’s intent:
Bharti Global is a company of Sunil Mittal Bharti Enterprises in India.
Bharati wants to continue building the OneWeb world internet connection service.
British Government Intent:
Meanwhile, Britain has lost access to EU satellite navigation resources since January 2020 as a result of Brexit.
There was a background of wanting to use OneWeb’s satellite constellation for PNT (location information, navigation, timing) services.
Acquisition Agreement:
Bharti Global and the British government have invested 54 billion yen (about 580 billion yen) in this acquisition agreement.
British government owns 20% of OneWeb.
Bharti will provide OneWeb with necessary support for future business operations.
TechCrunch Japan
Bankruptcy filing with new Corona: leaving 74 satellites
2020/03/28
OneWeb
OneWeb filed for bankruptcy:
We have been aiming for internet connection and low orbit satellite communication services for people all over the world.
However, the new coronavirus failed to raise new funds.
SoftBank G:
SoftBank G is the largest shareholder who has invested about $2 billion in OneWeb.
[ITmedia]ITmedia NEWS
https://www.itmedia.co.jp/news/spv/2003/28/news031.html
U.K. Government to Invest £400 Million in OneWeb
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.
SWFI
https://www.swfinstitute.org/news/80447/u-k-government-to-invest-400-million-in-oneweb