Posted: Sat, Mar 9, 2024, 9:22 AM ET (1422 GMT)
Iridium announced Monday it is acquiring Satelles, a company that provides alternative positioning, navigation and timing (PNT) services on its satellites. Iridium is spending about $115 million to buy the 80% of Satelles it does not already own in a deal they expect to complete by April 1. Satelles has been broadcasting PNT signals since 2016 through a channel on Iridium's satellites in low Earth orbit previously used for paging. These signals are far more powerful than those from GPS and other navigation satellite systems in higher orbits, allowing for greater use indoors while also being less susceptible to jamming. The acquisition is the first in Iridium's 36-year history as it works to achieve $1 billion in annual revenue by the end of the decade.

Related Links:

•  SpaceNews article
•  Iridium press release