The US Federal Communications Commission (FCC) has completed the formalities for the sale of OneWeb to the UK government and Bharti Global.

US FCC clears sale of OneWeb to UK government and BhartiA public notice officially approves the sale of the London-based satellite operator, clearing the way for it to leave its Chapter 11 bankruptcy proceedings.

The document confirms the two main parties will hold 42.3% stakes. Softbank – the former owner of Arm, of course, and also a previous investor in the company – will have a reduced 12.3% stake.

The FCC states:

[OneWeb] has been granted U.S. market access for a low-Earth orbit, broadband satellite system and licenses for associated earth stations.

On March 27, 2020, OneWeb DIP and certain of its affiliates filed petitions for relief under Chapter 11 of Title 11 of the United States Code. BidCo emerged as the successful bidder to acquire all of the equity interests in OneWeb DIP’s immediate parent company, OneWeb Communications Limited. Upon completion of the transaction, and in exchange for approximately $1 billion of equity commitments to BidCo, Bharti Global Limited (Bharti) and the United Kingdom’s Secretary of State for Business, Energy and Industrial Strategy, representing Her Majesty’s Government (UK Government) will each directly and individually hold approximately 42.2% of the voting equity of BidCo, and therefore indirectly and collectively hold approximately 85% of the voting equity of OneWeb Communications Limited and its wholly owned subsidiary, the reorganized OneWeb.

A New York bankruptcy court had previously approved the sale earlier this month.

The public notice lists all the licenses and space station market access grants that are involved.