ENAV, Irish Aviation Authority | and Naviair Invest in Aireon

12/05/2016

The investment in Aireon by ENAV, the Irish Aviation Authority and Naviair will be made in four tranches between 2014 and 2017 as key milestones are met. The financing comes on top of the investments already made by the current joint venture participants, NAV CANADA and Iridium Communications Inc. In 2018, a portion of Iridium’s interest will be redeemed for a payment from Aireon of $120 million to finalize the ownership interests. Upon this redemption, NAV CANADA will hold 51 percent of the fully diluted ownership of Aireon, Enav will hold 12.5 percent, and each of IAA and Naviair will hold 6 percent ownership, with 24.5 percent being retained by Iridium.