Iridium Stockholders Approve Rocket Lab Acquisition Deal

Iridium Communications stockholders have adopted the previously announced Agreement and Plan of Merger under which Rocket Lab will acquire the satellite communications company, the two companies said Wednesday.

At a special stockholder meeting, approximately 99.6% of votes cast were in favor of the transaction, representing about 81.0% of Iridium's outstanding shares entitled to vote. Complete voting results will be reported in a Current Report on Form 8-K to be filed by Iridium with the U.S. Securities and Exchange Commission.

Rocket Lab first announced the deal on June 29, valuing the combined company at roughly $8 billion and pitching it as creating a fully vertically integrated space powerhouse; shares of both companies jumped on the news, with Rocket Lab up about 16 percent and Iridium up about 25 percent. On September 15, Rocket Lab said it had fully funded the acquisition, including completing a $1.94 billion at-the-market equity offering. The deal has also drawn regulatory scrutiny, with Rocket Lab shares falling about 6 percent in late August after SpaceX raised objections to the transaction with the Federal Communications Commission.

"We appreciate the strong support of our stockholders for this transaction and the future we are building with Rocket Lab," said Matt Desch, CEO of Iridium. "Today's vote is a milestone toward bringing together two companies with complementary capabilities and deep experience supporting some of the world's most critical missions."

Rocket Lab Founder and CEO Sir Peter Beck said the vote brings the companies closer to combining "Iridium's trusted global network, spectrum and decades of operating experience with Rocket Lab's extensive launch and space systems capabilities to unlock a new era of space applications."

Under the terms of the deal, Iridium stockholders will receive $27.00 in cash plus a number of Rocket Lab common shares calculated under an exchange ratio, subject to a collar, for each Iridium share outstanding at closing. The transaction carries a notional value of $54.00 per Iridium share.

The deal is expected to close by mid-2027, subject to remaining regulatory approvals and other customary closing conditions.

CONTACT: https://www.iridium.com