GHL,
Iridium plan to merge
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.”
The Iridium Next
project, estimated to cost more than $2 billion, would gradually replace the company's 66 meshed satellites with new ones and allow it to offer an
Internet Protocol
broadband data
service. Last year, Iridium Holdings Chairman and CEO Matt Desch said the network's baseline speed was 2.4K bps, and it hoped to provide options for as much as 10M bps with Iridium Next.
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.
Goto: http://www.pcworld.com/article/151455/.html?tk=rss_news
And: http://tradeonlytoday.com/images/sto...ws/iridium.pdf
James,
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