Satellite communications specialists Iridium is funding $500 million (€448.7m) to buy back its own shares for cancellation.

The move, approved by its directors on September 19th, is the largest-ever for the company which supplies satellite-based connectivity to government agencies, NGOs, the military and emergency ‘first responders’. It is the fourth buyback from Iridium in the past four years (2021, 2022 and 2023). The period for the buy-back ends on December 31st 2027.

Iridium has been steadily growing its business since its financial restructuring in 2002.

“In the last few years, we have already returned over $1 billion dollars through share repurchases and dividends, and this authorisation continues the trend, making us one of the most shareholder-friendly companies, not just in space, but throughout the tech and telecom industries as well,” CEO Matt Desch commented.

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Tags: iridium, satellite