NextNav (Nasdaq: NN) has entered into an agreement to acquire additional spectrum licenses in the lower 900 MHz band (902-928) from Telesaurus Holdings GB LLC and Skybridge Spectrum Foundation. This acquisition, valued at up to $50 million, is paid through a combination of cash and NextNav common stock, significantly expanding NextNav’s spectrum portfolio by an additional 4 MHz.
Mariam Sorond, CEO of NextNav, expressed enthusiasm about the acquisition, highlighting the importance of this expansion in the company’s ability to provide advanced and robust PNT services. “Acquiring these licenses in the same lower 900 MHz band as our current licensed spectrum will provide NextNav with broader capacity to advance and strengthen PNT services in the future,” Sorond stated. With the completion of this transaction, NextNav’s total spectrum assets will surge to 3.5 billion MHz-PoPs, marking a significant leap in the company’s capacity to offer reliable and precise positioning and timing solutions.
The transaction involves an initial cash payment of $2.5 million due within 30 days following the court’s authorization to proceed. The balance will be settled in NextNav common stock, contingent upon reaching specific milestones, the final transfer of licenses, and obtaining necessary regulatory approvals. The successful closure of this deal is subject to Court and regulatory clearances, including approval from the Federal Communications Commission (FCC).
NextNav Inc. aims to deliver innovative PNT solutions that leverage 3D geolocation and PNT technology, facilitated by its ownership of low-band licensed spectrum. The company’s technologies are designed to ensure accurate, reliable, and resilient 3D PNT solutions across a broad spectrum of applications, ranging from critical infrastructure and GPS resiliency to various commercial use cases.
