Iridium Communications shareholders have approved the company’s proposed acquisition by Rocket Lab, clearing a key step toward a deal expected to close by mid-2027.
At a Sept. 24 special meeting, about 99.6% of votes cast favored the merger, representing about 81% of Iridium’s outstanding shares eligible to vote, the companies said.
Iridium provides satellite voice and data services used by vessels operating beyond the reach of shore-based communications networks. The company also provides aircraft surveillance and positioning, navigation and timing services. Rocket Lab builds launch vehicles and space systems.
Under the agreement, Iridium shareholders would receive $27 in cash plus Rocket Lab shares for each Iridium share they hold at closing. The number of Rocket Lab shares will be determined by an exchange ratio subject to a collar. The companies assigned the transaction a notional value of $54 per Iridium share.
The acquisition remains subject to regulatory approvals and other closing conditions.
