Aireon Closes Investment Transaction with Three Major ANSPs
[Via Satellite 02-18-2014] Aireon has closed its investment transaction with three major Air Navigation Service Providers (ANSPs): Italy’s Ente Nazionale per l’Assistenza al Volo (ENAV), the Irish Aviation Authority (IAA), and Navair in Denmark. Aireon has also received its first tranche investment totaling $50 million. These new investors will contribute a total of $120 million between 2014 and 2017 for equity in Aireon, which the company will be able to use to build and launch the Aireon system.
Aireon’s new investors have also signed a long-term data services agreement that will make them customers of Aireon. They are expected to participate in the deployment of Aireon’s space-based ADS-B offering globally.
With this new agreement, the three new investors will collectively hold 7.5 percent of Aireon, of which Nav Canada holds 17.3 percent and Iridium holds 75.2 percent.
“We are pleased to have ENAV, IAA and Naviair officially join Iridium and Nav Canada as partners in Aireon,” said Don Thoma, president and CEO, Aireon. “By bringing together four major ANSPs as investors, partners and advisors, Aireon is poised to revolutionize air traffic management and the aviation industry as a whole.”