LONDON: Britain has joined forces with India's Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging US$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 US$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.