OneWeb CEO Adrian Steckel. Photo by Kimberly White/Getty Images for TechCrunch, under Creative Commons license

OneWeb, the heavily funded satellite network operator which recently filed for Chapter 11 restructuring, has apparently gotten new life as it’s reached a deal to be taken over by two entities; the U.K. government and Indian mobile network operator Bharti Global. The U.K. government will invest $500 million in OneWeb and get a sizeable — reportedly 45% — stake in the company and so will Bharti Global, which is also ponying up a $500 million investment. The takeover will apparently enable OneWeb, which had raised and burned through about $3 billion in funding as a private company, to restart operations and work towards its goal of launching and maintaining a vast satellite constellation that’ll beam broadband services down to the earth.

The U.K. government touts the deal as one that offers “strategic opportunities across a wide range of other applications, [including] working with our international allies.”

The take-over deal is expected to close before the end of this year, currently subject to U.S. court approval and other regulatory clearances.