Shares of Rocket Lab Corporation (NASDAQ:RKLB) climbed 11.19% during the pre-market trading session on Monday after it announced its intention to acquire Iridium Communications Inc.
(NASDAQ:IRDM), marking a substantial expansion into the realm of space-based applications.
Shares of Iridium Communications rose 20.86% during the pre-market session.
Rocket Lab plans to buy all outstanding shares of Iridium common stock for $54 per share.
This cash and stock transaction places the value of Iridium at roughly $8 billion.
