Posted on Jun 30, 2021
UK-based space start-up OneWeb has received a cash injection of £360m from Indian firm Bharti Global. The deal means Bharti will take a 39% share, making it the biggest shareholder in the satellite provider.
The UK government is the next largest shareholder after it and Bharti saved OneWeb from bankruptcy last year, the BBC reports.
The new investment will help OneWeb launch commercial satellites into space later this year.
OneWeb is building a network of low Earth orbit satellites to deliver broadband connections around the world. The deal is expected to complete in the second half of this year.
"In just a year and during a global pandemic, together we have transformed OneWeb, bringing the operation back to full-scale. With this round of financing, we complete the funding requirements," Bharti Global's Managing Director Shravin Mittal said in a statement.
Japanese technology giant SoftBank is also a major investor.
Under the deal, the UK government, Eutelsat and SoftBank will each own 19.3% of the firm.
UK Business Secretary Kwasi Kwarteng said the deal is a vote of confidence in the company: "It's clear that investors see a strong future for this incredible, cutting-edge company and a robust commercial case for investment."
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