GHL Acquisition Corp. and Iridium Holdings, a leading provider of mobile voice and data satellite services, signed a definitive agreement under which they plan to combine.
The proceeds of the transaction will enable Iridium to be debt-free and well-positioned to develop its next generation satellite constellation, “Iridium NEXT.”
GHL Acquisition is a special-purpose acquisition company sponsored by Greenhill & Co. Inc., which raised approximately $400 million in gross proceeds earlier this year. GHL is approximately 17.5 percent owned by Greenhill & Co.
The transaction values Iridium at around $591 million. Following completion of the deal, the combined enterprise will be renamed Iridium Communications Inc. and will apply for listing on the NASDAQ.