OneWeb filed for Chapter 11 bankruptcy at the end of March.
Britain has joined forces with India's Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging $1 billion between them to develop a fleet of low earth orbit satellites to boost broadband and other services.
Under the deal announced on Friday, Britain will invest $500 million and take a significant equity share in OneWeb while Bharti will invest the same amount and provide commercial and operational leadership.
The deal is subject to a U.S. court approval and regulatory clearances, and is expected to close before the end of the year, the government said in a statement.
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