NEW YORK – GHL Acquisition Corp. has completed its acquisition of Iridium Holdings LLC, according to a release from Iridium. Effective immediately, GHL Acquisition’s new name is Iridium Communications Inc. Additionally, Iridium has closed its offering of 16,000,000 newly issued shares of common stock.
“This is an important milestone in the life of Iridium, as we take the first critical step toward securing the funding required for development and launch of our next generation satellite constellation, becoming a public company and establishing the transparency expected of a company that serves the critical interests of businesses globally,” Matthew J. Desch, chief executive officer of Iridium, said in the release.
Iridium provides mobile satellite communications services to the marine market, among others.
“Iridium is a strong company and an innovative competitor,” Robert H. Niehaus, chairman of the board of directors of Iridium, said in the release. “Today, with the close of this transaction, Iridium has a market cap of more than $785 million and a strong balance sheet with substantial cash. It marks the beginning of a very exciting time in the life of this very dynamic company.”