NAV CANADA to sell its stake in Aireon Holdings LLC to Iridium Communications Inc.

OTTAWA, ON, May 14, 2026 /CNW/ - NAV CANADA today announced that it has signed a definitive agreement to sell its entire equity interest in Aireon Holdings LLC to a subsidiary of Iridium Communications Inc. for an aggregate purchase price of $166 million USD (subject to adjustment).

Aireon is a leading provider of surveillance data and services to the aviation industry by operating a real-time, air traffic surveillance (ATS) system using space-based Automatic Dependent Surveillance – Broadcast (ADS-B) technology, enabling coverage over areas where the deployment of ground-based systems is not feasible, including oceans, polar regions and remote airspace.

NAV CANADA was one of the first to make a significant equity investment in Aireon in 2012, and over the course of the last decade has collaborated with Aireon, Iridium and other Air Navigation Service Provider investors in Aireon to successfully launch and grow its business. The consummation of the transaction, which is subject to customary closing conditions, is expected to occur in the summer of 2026. The purchase price is set to be paid in two tranches - 50% at closing and 50% on the one-year anniversary.

"This decision aligns with our continued focus on our core services and our strategic direction, ensuring we deliver the greatest value to our customers and stakeholders," Micheline Pion, Vice President and Chief Financial Officer. "Having achieved our strategic objectives of establishing space-based surveillance capabilities and helping to grow Aireon's business into a robust provider of data used by NAV CANADA, we are now poised to enter into the next phase of our commercial relationship with Aireon."

NAV CANADA first deployed space-based ADS-B capabilities in oceanic airspace in 2019, providing enhanced situational awareness to air traffic services and more efficient routing to aircraft operators. NAV CANADA was also the first in the world to use space-based ADS-B in domestic airspace. The Company will continue to leverage the full benefits of Aireon surveillance data in the safe, efficient and secure delivery of air navigation services through an extension of its Data Services Agreement with Aireon.

RBC Capital Markets is acting as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to NAV CANADA.

About NAV CANADA

NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.

The Company is internationally recognized for its safety record and technology innovation.

Forward-Looking Statements Disclosure

This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are based on NAV CANADA's current expectations, estimates, projections and assumptions that were made by NAV CANADA in light of its information available at the time the statement was made. Forward-looking statements in this news release include references to the closing of Iridium's acquisition of Aireon.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, so readers are cautioned not to place undue reliance on them. Except as required by applicable securities laws, NAV CANADA disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE NAV CANADA

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