SCIENCE
UK wins bidding war for satellite firm OneWeb
SCIENCE

UK wins bidding war for satellite firm OneWeb

Published: July 3, 2020  |  3 min read, 548 words
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The UK’s joint bid with India’s Bharti Enterprises to buy satellite operator OneWeb has won at an auction in New York, The Telegraph can reveal.The government has pledged $500m (£400m) in equity for the company, which went bankrupt in March after its biggest investors, including SoftBank, pulled out amid the coronavirus pandemic. Bharti Enterprises will invest another $500m. If the deal gains US regulatory approval on 10 July, it will give the UK a 45pc stake in the company along with a consortium of other private investors.“This deal underlines the scale of Britain’s ambitions on the... READ MORE
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