Hughes Network Systems has agreed to invest $50 million in principle in the new OneWeb consortium, led by the UK Government and Bharti Enterprises, which will acquire OneWeb out of bankruptcy. Hughes will additionally continue as a trusted technology and distribution partner to OneWeb.
The consortium’s consummation is dependent upon the execution of agreements and conditions set by the bankruptcy court. Hughes has also worked closely with UK Government and is affiliated with Bharti through Hughes Communications India Ltd which is close to combining their satellite proportions. The merger is currently pending due to regulatory approvals.
“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.”
Mr. Kaul continued: “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 groundbreaking 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.”
