The UK has bought a stake in the bankrupt satellite company OneWeb, an insider reports to news agency Reuters . It is expected to be 20 percent of the company. The Financial Times previously reported that the UK wanted to invest £ 500 million (nearly 555 million euros) in OneWeb.

OneWeb filed for bankruptcy in March after failing to raise enough money in an investment round. The company originally planned to offer broadband internet from space. Before that, it had already shot 74 satellites into space.

The UK reportedly plans to use OneWeb to deploy its own navigation service. Access to the European GPS alternative Galileo is in fact uncertain due to Brexit. An investment in OneWeb would be cheaper than setting up your own service completely.

The Indian conglomerate Bharti, which mainly invested in telecom in the South Asian country, has also acquired part of the British company , according to Reuters . It is unknown what share the company will acquire.