FCC OKs OneWeb Sale to UK Government, Bharti Global

FCC OKs OneWeb Sale to UK Government, Bharti Global

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.

You may also be interested in...

Lockheed Martin C-130J Super Hercules

Lockheed Secures $1.4B Air Force FMS Deal for Super Hercules Airlifter Sustainment Work

The U.S. Air Force has awarded Lockheed Martin (NYSE: LMT) a potential 10-year, $1.40B contract to maintain C-130J Super Hercules transport aircraft to fulfill foreign military sales requirements.

Pratt and Whitney F135 Engine

Pratt & Whitney Awarded $642M Navy Contract for F-35 Engine Logistics Support

Raytheon Technologies' (NYSE: RTX) Pratt & Whitney subsidiary has received a one-year, $642M contract from Naval Air Systems Command to perform F-35 propulsion system logistics work for U.S. and foreign military sales customers.