Merger communication

Summary

• On July 2, 2026, Iridium completed its acquisition of the remaining 61% of Aireon Holdings LLC that it did not already own from NAV CANADA, the Irish Air Navigation Service, ENAV S.P.A., Naviair Surveillance A/S, NATS (Services) Limited and affiliates, giving it full indirect ownership of Aireon and Aireon LLC.
• The aggregate purchase price was approximately $366.7 million, of which 50% was paid in cash at closing and the remainder was deferred through a $183.36 million term loan from the Sellers that bears no interest and matures one year after the closing date.
• Aireon LLC's existing credit facility, with an original aggregate principal amount of $175 million and a current balance of $154.7 million and maturity of October 10, 2028, will be consolidated with Iridium, and Iridium provided an unsecured Parent Guaranty of that debt.
• The Aireon Term Loans bear interest at a SOFR-based rate plus 6.25% or a base rate plus 5.25%, and the facility requires a consolidated total leverage ratio of not more than 5.0 to 1.0.
• In connection with Rocket Lab's agreed acquisition of Iridium under a June 28, 2026 Merger Agreement, the Compensation Committee approved cash retention awards of $409,999.98 for CFO Vincent J. O'Neill and $873,036.32 for Chief Legal Officer Kathleen A. Morgan.
• The retention awards pay 60% on the Merger Closing Date and 40% on the six-month anniversary, subject to continued employment.

Why it mattersIridium now fully owns Aireon, the space-based aircraft surveillance operator that uses payloads on the Iridium NEXT constellation, and consolidates Aireon's debt. The retention awards are tied to Rocket Lab's pending acquisition of Iridium under the June 28, 2026 Merger Agreement.