Avionics
Iridium merger helps fund next-gen network
Iridium has agreed to combine with an affiliate of New York investment bank Greenhill & Co.

Iridium has agreed to combine with an affiliate of New York investment bank Greenhill & Co. as part of a strategy to raise $500 million in seed capital for deployment of its next-generation satellite communications network.

Under terms of the agreement, Iridium Holdings will combine with the bank’s GHL Acquisition division and be renamed Iridium Communications. After the anticipated completion of the deal early next year, Iridium will apply for listing on the Nasdaq.