The Federal Communications Commission has cleared the sale of satellite company OneWeb to the U.K. government and Bharti Global, SpaceNews reported Wednesday.
FCC approved the transfer of control of OneWeb’s licenses for ground stations and market access for a satellite broadband system to new owners under a reorganization plan as the satellite company works to emerge from Chapter 11 bankruptcy, according to a public notice published Tuesday.
Bharti Global and the U.K. government will each own a 42.2% stake in the reorganized OneWeb, while SoftBank will have a 12.3 percent interest in the satellite company, according to the FCC notice.
The FCC approval came weeks after a federal bankruptcy court approved a reorganization plan clearing the sale of OneWeb to Bharti and the British government.
Hughes Network Systems agreed in July to make an in-principle investment of $50M in a consortium with the U.K. government and Bharti that offered $1B to acquire OneWeb, which filed for a Chapter 11 bankruptcy protection in March.