Rocket Lab announced on Monday that it is acquiring the satellite communications company Iridium. The deal, made for cash and shares of Rocket Lab stock, values Iridium at about $8 billion.

The deal pairs the launch company, founded and led by Peter Beck, with a decades-old profitable satellite company whose network of 80 satellites in low-Earth orbit provides telecommunications services.

"We believe this will be one of the most transformative deals in the space industry," Beck said in a short promotional video announcing the deal. "It's the ultimate combination for growth."