Iridium to merge with GHL, get back into sat phone game
In this article: bankrupt, bankruptcy, business, ghl, GHL Acquisition, GhlAcquisition, Greenhill, industry, Iridium, Iridium Next, Iridium Satellite, IridiumNext, IridiumSatellite, KinetX, Lockheed Martin, LockheedMartin, motorola, sat phone, satellite, satellite phone, SatellitePhone, SatPhone, Thales Alenia Space, ThalesAleniaSpace
pushing out around one phone per year (at best), Iridium Satellite really hasn't had a major impact on the market over the past ten years. 'Course, that's probably because it's hard to have much impact after seeking bankruptcy protection in 1999, but we digress. Starting tomorrow, new life will be breathed into Iridium thanks to a merger with publicly traded GHL Acquisition. If all goes to plan, the merger will add over $200 million to the company's bank account, enabling it to pay down debt and develop a next-generation network of satellites to be launched in 2014. Furthermore, $160 million will be raised by issuing another 16 million shares at $10 a pop, and a new label (Iridium Communications) will be thrown on for good measure. Only time will tell if the world really is ready to adopt satellite phones en masse, but if TerraStar's latest deal is any indication, we'd say chances are
good halfway decent.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.