Satellite mobile voice and data provider Iridium Holdings announced it is merging with GHL Acquisitions, an arm of Greenhill & Co. The merged company will be named Iridium Communications and will produce a next generation satellite offering, which will be called IridiumNEXT.
The merger allows the formerly bankrupt Iridium to pay off its $131 million debt and gives the company a cash infusion for research and development.
Iridium currently has more than 300,000 customers and has demonstrated growth in revenue, customers and net income, according to the joint release. The deal values Iridium at $591 million and will be completed with a mixed cash-stock offering to Iridium shareholders.
The current Iridium management team, including CEO Matt Desch, will be retained to head the new joint company.
- see more details of the deal at earthtimes.com. Article.
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