Each side is paying US$500 million for a 45 per cent stake in the satellite startup. Existing investors, including Qualcomm, Virgin Group and Hughes, will own the remainder of the firm. The deal must still be approved by a U.S. bankruptcy court next week. Other bidders reportedly included Ottawa-based Telesat. (The Hindu BusinessLine, BBC, The Telegraph)
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Each side is paying US$500 million for a 45 per cent stake in the satellite startup. Existing investors, including Qualcomm, Virgin Group and Hughes, will own the remainder of the firm. The deal must still be approved by a U.S. bankruptcy court next week. Other bidders reportedly included Ottawa-based Telesat. (The Hindu BusinessLine, BBC, The Telegraph)
Talking point: OneWeb had launched 74 of the 648 low-Earth orbit (LEO) satellites it planned to use to deliver high-speed broadband, when it filed for bankruptcy in March. Whitehall hopes the constellation will give the British military its own navigation system after losing access to the EU’s Galileo as part of Brexit. Bharti controls India’s second-place wireless carrier Airtel, as well as companies that operate telecom infrastructure, including towers.
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