Iridium Completes $367M Aireon Buyout, Securing Full Ownership
IRDM has more than doubled off its 52-week low of $15.645.
Summary
Iridium Communications has completed its previously announced acquisition of the remaining 61% of Aireon for $366.7 million, securing full ownership of the air traffic data provider. This follows the May 14th 8-K announcing the acquisition intent. The deal was partially financed by a $183.36 million, one-year, zero-interest seller term loan, and Iridium also consolidated Aireon's existing debt with a parent guarantee. This completion clarifies Iridium's asset base and liabilities as it moves towards its own pending acquisition by Rocket Lab, which was announced on June 29th.
At the time of this announcement, IRDM was trading at $51.09 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.4B. The 52-week trading range was $15.65 to $57.18. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.