Broadband satellite networks and services provider Hughes Network Systems (Hughes) has announced its participation in the UK Government-led consortium and Bharti Enterprises, which will acquire bankrupt satellite operator OneWeb.
Hughes has agreed in principle to invest $50m in the consortium.
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The firm will continue to serve as a technology and distribution partner to OneWeb, which is a low-Earth orbit (LEO) satellite operator.
Prior to filing for Chapter 11 protection in March, OnceWeb had launched 74 satellites.
Hughes president Pradman Kaul said: “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 UK through our business operations in both countries.”
“This global consortium brings the right players together to fulfil 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.”
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By GlobalDataBharti Enterprises founder and chairman Sunil Bharti Mittal 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.”
According to Hughes, the consummation of the consortium is dependent on the execution of definitive agreements. OneWeb entered bankruptcy after failing to secure sufficient capital.
UK ministers recently launched an inquiry into the government’s $500m (£400m) investment into the firm following concerns raised by Sam Beckett, the acting permanent secretary and accounting officer of the UK’s Department for Business, Energy and Industrial Strategy (BEIS).
