Simpson Thacher Advises Iridium, a Leading Provider of Voice and Data Mobile Satellite Services, in $591 Million Transaction with Greenhill & Co.’s SPAC
The Firm is advising Iridium Holdings LLC (“Iridium”), a leading provider of voice and data mobile satellite services, in its announced combination with GHL Acquisition Corp. (“GHQ”). The transaction values Iridium at approximately $591 million enterprise value. The combined enterprise will be renamed “Iridium Communications Inc.” and will apply for listing on the NASDAQ. GHQ is a blank check company that raised $400 million in an IPO in February 2008 and is sponsored by Greenhill & Co. In a separate transaction, Greenhill & Co. is also making a 5% investment in Iridium. Iridium, with 66 satellites in low-earth orbit, is the only provider of truly global satellite voice and data communications solutions with complete coverage of the entire Earth including oceans, airways and Polar Regions.
The Simpson Thacher team working on this deal includes: Ed Chung, Ann Walker and Tom Lamprecht (M&A); Sean Austin and Aaron Cohen (Tax); Tristan Brown and Bill Herochik (Employee Benefits); Ken Wallach and Carlos Amy (Securities); Lori Lesser (Intellectual Property); Mike Isby (Environmental); Michael Naughton (Antitrust); and Karla Johnson (paralegal).