Iridium Communications Inc. (NasdaqGS:IRDM) agreed to acquire a 80% stake in Satelles, Inc. for $115 million on March 2, 2024. The transaction will be financed through a tack-on to its term loan. Iridium expects to complete the acquisition in the next few weeks.

Iridium Communications Inc. (NasdaqGS:IRDM) completed the acquisition of 80.5% stake in Satelles, Inc. for approximately $130 million on April 1, 2024. On March 25, 2024, the Company closed on an additional $125.0 million under its Term Loan. On April 1, 2024, the Company used these proceeds, together with cash on hand, to complete the acquisition of Satelles, Inc.