Rocket Lab jumps on $8 billion Iridium Communications acquisition
Mon 12:52
BUZZ-Rocket Lab jumps on $8 billion Iridium Communications acquisition ** Shares of space services firm Rocket Lab RKLB.O rise 12.94% to $95.50 premarket, set for their biggest one-day gain in over seven weeks
** RKLB to buy satellite communications provider Iridium Communications IRDM.O for $54 per share in cash-and-stock deal valued at about $8 billion
** Deal adds material revenue scale and is significantly accretive to co's cash flow generation and profitability, RKLB says
** As part of the deal, secures $3.6 billion bridge financing from Deutsche Bank, Wells Fargo
** Deal is expected to close in mid-2027
** As of last close, RKLB up 21.19% YTD
(Reporting by Zakia Mariyam in Bengaluru)