By Matthew Field
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UK wins bidding war for satellite firm OneWeb

UK wins bidding war for satellite firm OneWeb

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...

telegraph.co.uk
By Matthew Field
Jul 3
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