Dulles, Va.-based Orbimage Holdings’ said today that its acquisition of Thorton-based Space Imaging has been finalized, creating the world’s largest commercial satellite imagery company.

The new company will be based in Dulles and renamed GeoEye. Orbimage paid $58.5 million for Space Imaging. The merger resulted in roughly two-dozen layoffs in Thornton, where the new company will employ about 115 people. The company will employ 300 nationwide.

Combined, Space Imaging and Orbimage had pro forma revenue of $160 million in 2005. GeoEye’s primary competitor in the industry is Longmont-based DigitalGlobe.

“The much-anticipated consolidation in our industry will result in a stronger and more stable industry that will better serve the needs of its customers,” said Matthew O’Connell, president and chief executive officer of GeoEye. “As we enter this new era in commercial satellite imagery, GeoEye will be a driving force in moving the industry forward.”

GeoEye has three satellites in orbit, and plans to launch other high-resolution satellite in early 2007. The company provides high-resolution satellite images for businesses and government agencies. Orbimage announced its acquisition of Space Imaging in September.