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.
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