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The UK Government has taken a major stake in the failed satellite Internet company OneWeb, in a drive to develop a sovereign UK space capability.
The UK is part of a consortium with India’s Bharti Global which won a bidding war for the company, which went bankrupt earlier this year while trying to develop a space network to deliver broadband.
Ministers hope it will compensate for the loss of access to the EU’s Galileo programme in the wake of Brexit.
The UK Government is ready to invest up to £500m for a 20 percent stake in OneWeb, the British satellite Internet company which filed for bankruptcy in March.
OneWeb filed for bankruptcy in the US after coronavirus halted its attempts to secure funding for a commercial launch.