A consortium led by HMG (through the UK Secretary of State for Business, Energy, and Industrial Strategy) and Bharti Global Limited, is set to acquire OneWeb in connection with its court-supervised sale process. The bid is designed to capitalise the company sufficiently as a going concern to effectuate the full end-to-end deployment of the OneWeb system.
Bharti Airtel has its own extensive mobile broadband networks and enterprise business, which will act as the testing ground for all OneWeb products, services, and applications.
Adrian Steckel, CEO of OneWeb commented: “We are delighted to have concluded the sale process with such a positive outcome that will benefit not only OneWeb’s existing creditors, but also our employees, vendors, commercial partners, and supporters worldwide who believe in the mission and in the promise of global connectivity. The combination of HMG and Bharti will bring immediate value as we develop as a global leader in low latency connectivity. This successful outcome for OneWeb underscores the confidence in our business, technology, and the work of our entire team. With differentiated and flexible technology, unique spectrum assets and a compelling market opportunity ahead of us, we are eager to conclude the process and get back to launching our satellites as soon as possible.”
The transaction remains subject to approval by the US Bankruptcy Court, as well as regulatory approvals and customary closing conditions. The transaction is expected to close by the fourth quarter of 2020. In the meantime, the purchasing consortium will work with the OneWeb management team to further develop the strategy and business plan and to resume the Company’s launch schedule.
