Lockheed Martin to acquire Terran Orbital
Posted: Sun, Aug 18, 2024, 12:06 PM ET (1606 GMT)
Lockheed Martin will acquire small satellite manufacturer Terran Orbital. The companies announced Thursday a deal where Lockheed will pay $0.25 per share and retire Terran's debt. Lockheed, which already owns one-third of Terran, had offered $1 a share for the company in March but withdrew the offer two months later. The companies said that Terran Orbital will continue to be a "commercial merchant supplier to industry" of smallsats, although Lockheed makes up more than 90% of Terran's funded backlog today. Terran Orbital said earlier in the week it was considering a range of strategic options that included a sale of the company as its cash reserves dried up.
Lockheed Martin will acquire small satellite manufacturer Terran Orbital. The companies announced Thursday a deal where Lockheed will pay $0.25 per share and retire Terran's debt. Lockheed, which already owns one-third of Terran, had offered $1 a share for the company in March but withdrew the offer two months later. The companies said that Terran Orbital will continue to be a "commercial merchant supplier to industry" of smallsats, although Lockheed makes up more than 90% of Terran's funded backlog today. Terran Orbital said earlier in the week it was considering a range of strategic options that included a sale of the company as its cash reserves dried up.
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