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Report: OneWeb proposes sale of minority stake to Russia

U.S. satellite start-up OneWeb LLC has proposed the sale of a 12.5% stake in the company to the Russian government, Reuters reported Dec. 24, citing three sources with knowledge of the matter.

The sale of the stake could help address concerns by Russia's Federal Security Service about the company's plan to develop a worldwide internet network using satellites. The agency in October raised security concerns that the service could reportedly be used to collect intelligence and may hurt national security.

The stake was offered to Russia in exchange for approval to use a frequency band in the country, the sources said. The proposal is still being discussed by the Russian government.

OneWeb builds a constellation of satellites to enable affordable Internet access.