The Irish Aviation Authority (IAA) has shelled out €20 million in an air surveillance firm in the US. The IAA has acquired a 6% stake in space-based air traffic surveillance project Aireon LLC, according to the Irish Examiner.

Aireon's system will use a network of satellites to exchange aircraft positional tracking data. This system will allow for accurate tracking of planes across the globe. This is the first real global air traffic management and monitoring system, the report explained.

The IAA's stake purchase is part of a binding contract with two other major air navigation service providers to invest $120 million (€87 million) in Aireon's service. Italy's ENAV and Denmark's Naviair are also part of the said agreement, the report detailed. 

The said investments by the IAA, ENAV, and Naviair will be paid in tranches from 2014 to 2017 as key milestones are achieved. At the completion of the process, Nav Canada will control 51% of Aireon, Enav will control 12.5%, and the IAA and Naviair will have 6% ownership of the said project. Iridium Communications Inc will retain 24.5% ownership of Aireon, the Irish Examiner reported.