Milbank LLP is advising Iridium Communications Inc. (“Iridium”) (Nasdaq: IRDM), a leading provider of global voice, data and positioning, navigation and timing (PNT) satellite services, in connection with its definitive agreement to acquire Aireon LLC (“Aireon”), operator of the world's only space-based Automatic Dependent Surveillance-Broadcast air traffic surveillance system. Iridium, an existing owner of Aireon, will acquire the remaining 61% of equity interests of Aireon from NAV CANADA, AirNav Ireland, ENAV, NATS and Naviair for approximately $366.7 million. The transaction is expected to close in July 2026.
The acquisition will combine Aireon's surveillance and data services, which includes GPS jamming and spoofing detection, with Iridium's global satcom network and PNT services that help keep GPS-dependent systems working in contested environments. The combination creates one company providing four critical aviation industry capabilities: knowing where every aircraft is; communication with pilots; providing navigation and timing integrity aircraft rely on; and translating information into operational insights for airspace safety and efficiency.
The Milbank team is led by Transportation and Space partner Dara Panahy and Global Leveraged Finance partner Christopher Kwan and includes Global Leveraged Finance associates Jordan Hall, Will Maier, Anderson Westerman and Danielle Valentino.
Mr. Panahy, who heads Milbank’s Space Business practice globally said, “We are proud to support Iridium on this milestone transaction aligning with its strategy for global aviation safety by creating a unique combination of global satellite communication and flight surveillance capabilities.”
