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. Houlihan Lokey, Inc. acted as financial advisor to Satelles, Inc.