A victorious UK government-led bid for collapsed satellite operator OneWeb is being hailed as an opportunity to realise global ambitions ahead of the country’s departure from the EU.
The Department for Business, Energy and Industrial Strategy (BEIS) said it was planning a £400m investment after taking a “significant” stake in OneWeb – which entered bankruptcy protection in May after failing to raise more cash from investors to plug a $2bn deficit.
The company has a fleet of satellites – 74 of them in space – though its financial constraints forced delays to further launch schedules.
The deal gives the government access to a ready-made network as Brexit nears, largely ending the UK’s association with the EU’s Galileo network.
Bharti Enterprises, the giant Indian-based telecoms services provider, is part of the consortium due to take control of OneWeb following the bid process though the agreement still has to be rubber-stamped in court and by regulators.