Goodwin represented the Special Committee of the Board of Directors of Globalstar, Inc. (NYSE American: GSAT) in its announced merger agreement with Thermo Acquisitions, Inc. pursuant to which the following assets will be combined with Globalstar: metro fiber provider FiberLight, LLC, 15.5 million shares of common stock of CenturyLink, Inc. (NYSE: CTL), $100 million of cash and minority investments in complementary businesses and assets of $25 million in exchange for Globalstar common stock valued at approximately $1.65 billion, subject to adjustments. Thermo Acquisitions, Inc. is controlled by James Monroe, III, Chairman of the Board and Chief Executive Officer of Globalstar.
At closing, the parent company will be renamed Thermo Companies, Inc., and its stock will continue to trade publicly. The transaction has been unanimously recommended by the Special Committee of the Board of Directors of Globalstar, consisting entirely of independent directors, and unanimously approved by the full Board of Directors. The merger is expected to close in the third quarter of 2018.
Globalstar is a leading provider of mobile satellite voice and data services. The company’s products include mobile and fixed satellite telephones, the innovative Sat-Fi satellite hotspot, Simplex and Duplex satellite data modems, tracking devices and flexible service packages.
For additional details on the merger, please read the press release.