Hughes to invest $50m into new OneWeb consortium
2020-09-28 / Number of views:100
Broadband satellite networks and services provider Hughes Network Systems (HUGHES) has announced its participation in the winning consortium, led by the U.K. Government and Bharti Enterprises, that will acquire OneWeb out of bankruptcy. Hughes has agreed in principle to invest $50 million in the consortium.
Hughes will continue as a trusted technology and distribution partner to OneWeb, the Low Earth Orbit (LEO) satellite operator which had launched 74 satellites before filing for Chapter 11 protection in March.
“We are pleased to be part of this winning team, along with the British Government and Bharti,” said Pradman Kaul, president, Hughes. “Our continuing and strengthened involvement with OneWeb extends naturally from our position as a leading geostationary satellite operator and ground network innovator, along with a meaningful partnership with Bharti and longstanding relationship with the U.K. through our business operations in both countries.
“This global consortium brings the right players together to fulfill the promise of the OneWeb constellation in deploying low-latency services for communities, enterprises, governments, airplanes and ships – complementing geostationary connectivity and ushering in the new era of multi-transport services that will serve growing bandwidth demand around the world. We look forward to doing our part in developing this ground-breaking technology and bringing those services to market.”
Sunil Bharti Mittal, founder and chairman, Bharti Enterprises said “We are delighted to welcome Hughes to the consortium. The investment by Hughes underlines OneWeb’s exciting commercial prospects, reflected in the ongoing discussions with some of the world’s leading strategic and financial investors.”
Consummation of the consortium is contingent upon execution and effectiveness of definitive agreements. Confirmation of OneWeb’s reorganisation is contingent on certain conditions established by the Bankruptcy Court.
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