American International Group Affiliates Invest in Iridium

Iridium LLC announced that American International Underwriters Overseas Ltd. (AIUO), a wholly-owned subsidiary of American International Group Inc. (AIG), and AIG Asian Infrastructure Fund LP (the Fund) will acquire about four million Class 1 interests in Iridium LLC, joining the 19 other investors in Iridium.

AIUO and the Fund will acquire the Class 1 interests from certain subsidiaries of PT Bakrie Communications Corp. of Indonesia as part of the financial restructuring of PT Bakrie & Brothers Group, BBK, including PT Bakrie Communications Corp. The sale of the shares does not impact Iridium South Pacific Pty Ltd., the joint venture between Bakrie Communications and DDI Corp. of Japan, which is responsible for offering Iridium services in Australia, New Zealand, and the South Pacific. Financial terms of the transaction were not disclosed.