Iridium Enters Agreement To Acquire Satelles; To Pay About $115M For Remaining ~80% Stake In Satelles

Author: Benzinga Newsdesk | March 04, 2024 08:11am

Satellite Time and Locationwill become a new business line of Iridium, led by Satelles CEO, Dr. Michael O'Connor who will report to Iridium CEO, Matt Desch. Iridium is assuming all rights to the Satelles patent portfolio and anticipates the Iridium STL line of business will generate over $100 million in service revenue per year, by 2030, and additional revenue from equipment and engineering. As long-standing investor in Satelles, Iridium had an ownership stake of around 20 percent from three previous investments in the company. For the remaining approximately 80 percent, Iridium will pay about $115 million, net of cash remaining in the Company, which will be financed through a tack-on to its term loan. 

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