Lockheed Martin has consented to the acquisition of Terran Orbital, a satellite manufacturer, for an estimated $450 million in order to enhance its satellite manufacturing and responsive space capabilities.
The Bethesda, Maryland-based aerospace and defense contractor announced on Thursday that it anticipates the transaction will be finalized in the fourth quarter of 2024, provided that regulatory clearances, Terran Orbital stockholder approval, and other customary closing conditions are satisfied.
Terran Orbital, a commercial supplier of satellite systems to industry, will sustain its operations in Boca Raton, Florida, upon the completion of the transaction.
Robert Lightfoot, the president of Lockheed Martin Space, stated that the company has collaborated with Terran Orbital on a variety of missions for more than seven years.
As part of the transaction, Lockheed announced that it would acquire Terran Orbital’s outstanding common stock for $0.25 per share and extinguish the company’s existing debt. This transaction will also involve the establishment of a $30 million working capital facility.
Access to Terran Orbital’s Satellite Portfolio and Technology Lockheed will expand its portfolio by incorporating Terran Orbital’s modular space vehicle designs and robotic manufacturing capacity as part of the transaction.
Terran Orbital’s satellites have been employed by the defense technology corporation in its technology demonstrations and its work on the Space Development Agency’s Transport and Tracking Layer programs.
Terran Orbital has provided assistance to over 80 missions of military, civilian, and commercial consumers over the past decade.
The LM Ventures fund of Lockheed initially invested in the spacecraft manufacturer in 2017. Subsequently, two additional investments were made in 2020 and 2022. Lockheed proposed the acquisition of Terran Orbital for over $500 million in March. However, the company withdrew its acquisition intentions two months later. Lockheed Martin has consented to the acquisition of Terran Orbital, a satellite manufacturer, for an estimated $450 million in order to enhance its satellite manufacturing and responsive space capabilities.
The Bethesda, Maryland-based aerospace and defense contractor announced on Thursday that it anticipates the transaction will be finalized in the fourth quarter of 2024, provided that regulatory clearances, Terran Orbital stockholder approval, and other customary closing conditions are satisfied.
Terran Orbital, a commercial supplier of satellite systems to industry, will sustain its operations in Boca Raton, Florida, upon the completion of the transaction.
Robert Lightfoot, the president of Lockheed Martin Space, stated that the company has collaborated with Terran Orbital on a variety of missions for more than seven years.
As part of the transaction, Lockheed announced that it would acquire Terran Orbital’s outstanding common stock for $0.25 per share and extinguish the company’s existing debt. This transaction will also involve the establishment of a $30 million working capital facility.
Access to Terran Orbital’s Satellite Portfolio and Technology
Lockheed will expand its portfolio by incorporating Terran Orbital’s modular space vehicle designs and robotic manufacturing capacity as part of the transaction.
Terran Orbital’s satellites have been employed by the defense technology corporation in its technology demonstrations and its work on the Space Development Agency’s Transport and Tracking Layer programs.
Terran Orbital has provided assistance to over 80 missions of military, civilian, and commercial consumers over the past decade.
The LM Ventures fund of Lockheed initially invested in the spacecraft manufacturer in 2017. Subsequently, two additional investments were made in 2020 and 2022.
Lockheed proposed the acquisition of Terran Orbital for over $500 million in March. However, the company withdrew its acquisition intentions two months later.
