The American military industrial Corporation Lockheed Martin Corp. signed a final agreement to acquire Terran Orbital, a technology developer for the aerospace and defense industries. This is reported in a Lockheed press release.
The total value of the transaction is $450 million ($0.25 per share). At the same time, in accordance with the agreement, Lockheed Martin and other creditors of Terran Orbital have created a new working capital fund in the amount of $30 million.
The transaction is expected to be completed in the fourth quarter of 2024, subject to the usual closing conditions, including approval by regulatory authorities and shareholders of Terran Orbital.
As part of the deal, Lockheed Martin expects to gain a wider range of capabilities and increase the company's value to customers through high-performance robotic manufacturing and highly efficient modular spacecraft designs. Lockheed Martin uses Terran Orbital satellites in the Transport and Tracking Layer programs developed by the Space Development Agency.
Lockheed Martin is the largest customer of Terran Orbital, which has completed more than 80 missions for government and commercial customers with complex flight requirements over the past decade.
Terran Orbital has joined Lockheed Martin Ventures, a technology innovation fund to accelerate growth in related and new segments of the company. LM Ventures has made two additional investments in Terran Orbital in 2020 and 2022.
Lockheed Martin is an American military industrial corporation in the field of aircraft engineering, aerospace engineering, shipbuilding, automation of postal services, airport infrastructure and logistics. The company was founded in 1995 as part of the merger of Lockheed and Martin Marietta corporations. The company is the world's largest developer and manufacturer of weapons and military equipment in terms of the volume of contracts concluded with the structures of the US federal government. The headquarters is located in Bethesda (Maryland).
Terran Orbital is an American manufacturer of satellite products designed for the aerospace and defense industries. Terran Orbital offers comprehensive satellite solutions combining satellite design, manufacturing, launch planning, mission execution and in-orbit support. The headquarters is located in Boca Raton (Florida).
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