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Bharti and HMG Consortium to Acquire OneWeb

On July 3, 2020, communications company OneWeb announced it has entered into an agreement with a consortium led by Bharti Global Limited (“Bharti”) and Her Majesty’s Government (“HMG”) (through the UK Secretary of State for Business, Energy and Industrial Strategy) for the acquisition of the OneWeb business in connection with its court‑supervised sale process. Bharti and HMG have committed to provide more than $1 billion to acquire OneWeb and fund the full restart of its business operations. Following a competitive process, the consortium’s winning bid will enable OneWeb to successfully emerge from the Chapter 11 process. The agreement remains subject to approval by OneWeb’s creditors, the U.S. Bankruptcy Court and applicable regulators. Cravath is representing Bharti in connection with the transaction.

The Cravath team includes partners Paul H. Zumbro and George E. Zobitz and associate Harold C. King on bankruptcy matters; partners Damien R. Zoubek and Allison M. Wein and associate Bethany A. Pfalzgraf on M&A matters; partners Lauren Angelilli and Kara L. Mungovan and associate Peter W. Rogers on tax matters; partner Eric W. Hilfers and practice area attorney Sarah W. Colangelo on executive compensation and benefits matters; partner David J. Kappos and associates Kathryn‑Ann Stamm and Carys Webb on intellectual property matters; partner Margaret Segall D’Amico on antitrust matters; of counsel Christopher J. Kelly on banking and credit matters; and senior attorney Annmarie M. Terraciano on environmental matters. Jerome C. Newton also worked on M&A matters.