Rocket Lab agreed to acquire Iridium in a cash-and-stock transaction and arranged financing to support the deal. Iridium shareholders will receive $27.00 in cash plus Rocket Lab stock determined by a VWAP-based exchange ratio ranging from 0.4000 to 0.2400, subject to customary approvals and conditions. To fund the acquisition, Rocket Lab secured a $3.6 billion 364-day senior secured bridge term loan commitment from Deutsche Bank and Wells Fargo. In addition, Iridium directors signed a Support Agreement to vote their shares in favor of the merger, enhancing deal certainty.
Agreement 1: Rocket Lab to Acquire Iridium in Cash-and-Stock Deal With $27 Cash Plus Stock
- Agreement type: Agreement and Plan of Merger
- Counterparty: Iridium
- Signed / Effective: Jun 28 2026 / same
- Duration / Termination: Until closing
- Reason: Acquire Iridium and combine launch and satellite services
Agreement 2: Rocket Lab Secures $3.6 Billion 364-Day Bridge Financing From Deutsche Bank and Wells Fargo
- Agreement type: 364-day senior secured bridge term loan commitment
- Counterparty: Deutsche Bank and Wells Fargo
- Signed / Effective: Jun 28 2026 / same
- Duration / Termination: 364 days
- Reason: Finance Iridium acquisition
Agreement 3: Rocket Lab Secures Support Agreement From Iridium Directors to Back Merger
- Agreement type: Support Agreement (voting commitment)
- Counterparty: Iridium directors (as stockholders)
- Signed / Effective: Jun 28 2026 / same
- Duration / Termination: Until closing or earlier termination
- Reason: Secure shareholder support for the transaction
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.