Update for 12:20 p.m. Nov. 20: OneWeb has emerged from Chapter 11 bankruptcy with a new CEO, Neil Masterson, who was formerly co-chief operating officer at Thomson Reuters. The British government announced the completion of OneWeb’s acquisition in partnership with Bharti Global.
Previously: The British government and Bharti Global Ltd., which is part of the world’s third-largest mobile operator, have successfully bid more than $1 billion to acquire the bankrupt OneWeb satellite broadband internet venture.
London-based OneWeb said the deal, resulting from an auction held this week in New York, will enable it to resume plans to add to its 74-satellite constellation and offer global internet access from above, starting with the Arctic.
The sale still has to be approved by the U.S. Bankruptcy Court and regulatory authorities, but the transaction is expected to close late this year.
“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,” OneWeb CEO Adrian Steckel said today in a news release.
The deal breathes new life into a rival of SpaceX’s Starlink constellation, which already has more than 500 satellites in orbit and could begin limited service this year. OneWeb is also perceived as a competitor of Amazon’s Project Kuiper, which is working out the regulatory requirements for putting more than 3,000 satellites in orbit for a global broadband internet network.
At one point, Amazon was rumored to be interested in bidding on OneWeb’s assets, including its spectrum licenses, but nothing came of those rumors.