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WASHINGTON, DC, September 23, 2008 — GHL Acquisition Corp. today announced plans to acquire Iridium Holdings LLC in a transaction valued at approximately $591 million. Upon completion of the transaction, the combined enterprise will be renamed Iridium Communications Inc. and apply for listing on the NASDAQ. Covington & Burling LLP served as special communications regulatory counsel to GHL in the acquisition.
GHL Acquisition is the special purpose acquisition company sponsored by Greenhill & Co., Inc., which raised approximately $400 million of gross proceeds during an initial public offering earlier this year. Iridium is a leading provider of global satellite voice and data communications services with more than 305,000 subscribers and complete coverage of the Earth including oceans, airways and polar regions.
The Covington communications and media team was led by partners Mace Rosenstein and David Engvall, of counsel Yaron Dori, and associates Matthew DelNero and Christopher Tygh. All are resident in the firm’s Washington office.