Iridium Gains Investors
With 305,000 users and nasty lawsuits behind them , the folks at Iridium (the satellite phone service company) can see a NASDAQ listing in the near future. Today, Matt Desch, CEO announced that the holding company has agreed to merge with GHL Acquisitions, a special purpose acquisition company and subsidiary of Greenhill & Company, the specialty investment bank.
The deal provides $400 million in cash for Iridium, values the company at $591 million and provides the lquid means to retire Iridium's $131 million debt. The deal will require anti-trust regulatory (DOJ or FTC approval, I forget which one applies) and FCC approval since this is a communications service.
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