July 3, 2020 / 11:32 AM / a month ago

Britain and India's Bharti win auction for OneWeb satellite company

LONDON, July 3 (Reuters) - Britain has joined forces with India's Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging $1 billion between them to develop a fleet of low earth orbit satellites to boost broadband and other services.

Under the deal announced on Friday, Britain will invest $500 million and take a significant equity share in OneWeb while Bharti will invest the same amount and provide commercial and operational leadership.

The deal is subject to a U.S. court approval and regulatory clearances, and is expected to close before the end of the year, the government said in a statement.

Reporting by Kate Holton; editing by Guy Faulconbridge

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