Lockheed Martin [NYSE: LMT] , a Bethesda, MD-based defense technology company, announced the signing of a definitive agreement to acquire Terran Orbital [NYSE: LLAP], a global provider of satellite-based solutions primarily supporting the aerospace and defense industries.
The enterprise value of the transaction is approximately $450m. Lockheed Martin will acquire Terran Orbital for $0.25 in cash for each outstanding share of common stock and retire its existing debt. This transaction also provides for Lockheed Martin and other current Terran Orbital creditors establishing a new, $30m working capital facility that has been put in place as of signing.
The transaction is expected to close in fourth quarter of 2024 and is subject to the satisfaction of customary closing conditions, including regulatory and Terran Orbital stockholder approvals. Upon closing, Terran Orbital will remain a commercial merchant supplier to industry.
Terran Orbital is a manufacturer of satellite products primarily serving the aerospace and defense industries. It provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of military, civil, and commercial customers.
Lockheed Martin is a global security and aerospace company engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
Led by Marc Bell, chairman, CEO, and co-founder, Terran Orbital brings a high throughput, robotic manufacturing capacity and high-performing modular space vehicle designs. Combined with Lockheed Martin’s record of performance and innovation, this transaction will enable a broader range of capabilities and value for customers. Lockheed Martin uses Terran Orbital’s satellites for its work, most notably with the Space Development Agency’s Transport and Tracking Layer programs, and in several of its self-funded technology demonstrations.
FinSMEs
16/08/2024