Iridium Completes Aireon Acquisition, Integrating $521.7M Deal Ahead of Rocket Lab Takeover
IRDM has more than doubled off its 52-week low of $15.645.
Summary
Iridium Communications has completed its acquisition of Aireon. This follows the May 14th 8-K filing where Iridium announced it would acquire the remaining 61% of Aireon for $366.7 million and assume $155 million in debt, totaling $521.7 million. The completion integrates a significant new entity into Iridium's operations. This event occurs after Iridium itself announced on June 29th that it would be acquired by Rocket Lab for $54 per share, meaning Aireon is now part of the Iridium entity Rocket Lab is purchasing.
At the time of this announcement, IRDM was trading at $54.80 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.7B. 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: Dow Jones Newswires.