Government completes acquisition of satellite company with "significant" investment

The government has announced today that it has completed the acquisition of a global satellite communications company.

OneWeb, headquartered in London and the US, received the bid from the UK government earlier this year, which it says will secure the future of the company.

The government has said that this is a “significant” investment, putting Britain at the “forefront” of a new commercial space-age.

The company is set to have 110 satellites in orbit around the globe by the end of the year, with 74 already launched.

Business Secretary Alok Sharma commented: “This strategic investment demonstrates the government’s commitment to the UK’s space sector in the long-term and our ambition to put Britain at the cutting edge of the latest advances in space technology.

“Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast UK-backed broadband from the Shetlands to the Sahara and from Pole to Pole.

“This deal gives us the chance to build on our strong advanced manufacturing and services base in the UK, creating jobs and technical expertise.”