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UK vows to invest $600 Million into US Satellite Operator as Alternative to EU’s Galileo

 LONDON:British Prime Minister Boris Johnson has vowed to invest at least £500 million ($616 million) in the US satellite operator OneWeb as the UK lost access the EU’s rival Galileo satellite navigation system due to Brexit, The Financial Times (FT) reports.

 

According to the newspaper, Johnson and Chancellor Rishi Sunak on Thursday night signed off on the purchase of a 20% stake in OneWeb, which filed for bankruptcy in March in the US, where most of its operations are located.


 The operator, which is headquartered in the UK and has 74 satellites in orbit, said in April that it was in advanced negotiations for investment. The UK government perceives OneWeb as a company which could deliver the same civil and military tracking services as the Galileo system.
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