Davis Polk & Wardwell is advising GHL Acquisition Corp. on its combination with Iridium Holdings LLC. The transaction, unanimously approved by the board of directors of GHL Acquisition and Iridium, as well as Iridium’s major shareholders, values Iridium at $591 million enterprise value. The transaction is subject to Federal Communications Commission approval, expiration of the applicable Hart-Scott-Rodino waiting period, GHL Acquisition shareholder approval and other customary closing conditions. The transaction is expected to close in the first part of 2009 and the combined entity will be renamed “Iridium Communications Inc.” and will apply for listing on Nasdaq.

Based in Bethesda, Maryland, Iridium is a global satellite voice and data communications solutions provider. GHL Acquisition is the special-purpose acquisition company sponsored by Greenhill & Co., which raised approximately $400 million of gross proceeds earlier this year and is approximately 17.5% owned by Greenhill & Co.

The Davis Polk corporate team includes partners John K. Knight and Leonard Kreynin, associates Paul Denley Hodgdon, Marjorie White and Christopher L. Beals (not yet admitted) and former summer associate Kerry M. Shapleigh. The capital markets team includes partners Deanna L. Kirkpatrick and Mark M. Mendez and associate Jeff Ramsay. The tax team includes partner William H. Weigel and associate Nancy Chen. Counsel James P. McIntyre and associate Aaron M. Sacks are providing real estate advice. Counsel Betty Moy Huber and associate Brianne M. Lucyk are providing environmental advice. Partner Jean M. McLoughlin and counsel John T. Wright are providing benefits advice. Partner Amelia T.R. Starr is providing litigation advice. Associate Stephen M. Pepper is providing antitrust advice. All members of the Davis Polk team are based in the New York office.