Funds News

India's Bharti and UK win auction for satellite operator OneWeb-source

LONDON, July 3 (Reuters) - Indian conglomerate Bharti and the British government have won an auction for collapsed satellite broadband operator OneWeb, a person familiar with the situation told Reuters.

Prime Minister Boris Johnson’s government has pledged 500 million pounds ($623 million) in equity and the two groups are talking to other investors about entering the consortium. The UK is expected to hold around a 20% stake.

OneWeb filed for Chapter 11 bankruptcy at the end of March after its biggest investor SoftBank Group Corp pulled funding, with an auction held on Thursday.

The person was speaking on the condition of anonymity because the details have not been made public. ($1 = 0.8030 pounds) (Reporting by Kate Holton, editing by Andy Bruce)