Iridium Communications (IRDM) said Thursday it has agreed to acquire the remaining 61% stake in Aireon for about $366.7 million and assume about $155 million of Aireon debt.

The company said 50% of the purchase price will be paid at closing, anticipated in early July, and the remaining 50% one year later.

The transaction is expected to add $100 million to its consolidated service revenue and $30 million of OEBITDA on an annualized basis, the company said.

The deal will combine Aireon's space-based ADS-B air traffic surveillance system with Iridium's satellite communications and navigation services to create an integrated aviation safety network, Iridium said.

In connection with the deal, Iridium said air navigation service providers NAV Canada and UK's NATS are expected to sign extended data services agreements through 2035 and beyond.