UK government, Bharti outline their $1 billion OneWeb commitment, made with head-spinning speed

by Peter B. de Selding

PARIS— The British government and its 50% partner in the purchase of OneWeb Global Ltd., Bharti Global Ltd., made a $25 million cash deposit as part of their bid and will complement that with $125 million in cash when the deal closes.

In addition, the two partners, which came together as part of what British negotiators called “Project Lighthouse” to form Bidco 100 Ltd., will be paying $100 million in equity to the holders of OneWeb’s current secured debt.

The secured debt . . .

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