AirNav Ireland, the semi-state company that manages Ireland's airspace, is set to receive a multimillion euro windfall following the acquisition of a 61% stake in US aircraft tracking company Aireon by satellite communications firm Iridium for $366.7 million (€321 million).

According to the Irish Independent, the stake was held collectively by a group of air navigation service providers including AirNav Ireland, UK's NATS, NAV Canada and Denmark's Naviair Surveillance. Of the total consideration, 50% was paid in cash with the remainder deferred in the form of a loan from the sellers.

AirNav listed the fair value of its stake in Aireon at $20.7 million (€19.1 million) at the end of 2025, holding a 4.13% preferred interest in Aireon Holdings. That stake was diluted in June 2022 following the issuance of new preferred interests to Iridium in return for a $50 million (€46.3 million) investment made at that time. Iridium was also a founding member of Aireon when the company was launched in 2012.

Under the terms of AirNav's preferred interest, a 5% annual cumulative dividend has accrued from the date of initial capital contributions. AirNav's 2025 annual report indicated the preferred interest was intended to be converted to a 4.968% common interest by January 2027 or redeemed for cash in three annual instalments beginning that month, inclusive of any outstanding preference dividends.

Iridium chief executive Matt Desch said the two companies were fully aligned to advance the future of aviation safety. "What began as a bold vision more than a decade ago has become a foundational capability for global air traffic management, delivering real-time surveillance and operational intelligence on a truly global scale," he said.

Aireon uses a network of satellites to provide real-time aircraft tracking services globally. The final satellite payloads completing its constellation were deployed into orbit by SpaceX in early 2019. In 2019, the then Irish Aviation Authority launched the Aireon Aircraft Locating and Emergency Response Tracking facility in County Clare, providing free emergency aircraft location data to search and rescue teams across Europe.

AirNav took control of the IAA's holding in Aireon in 2023, when the IAA's commercial functions were separated from its safety and regulatory responsibilities in line with best practice for air navigation service providers. AirNav operates on a commercial basis, generating revenue through charges for use of Irish airspace.