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Lockheed Martin is set to acquire Terran Orbital, a satellite manufacturer, in a $450 million deal to save it from financial troubles. The deal, expected to close by the end of the year, will see Lockheed buy Terran for $0.25 per share and retire its existing debt.
Background
Lockheed has a 28.3% stake in Terran Orbital and has strategically invested in the company through its Lockheed Martin Ventures arm. Satellite bus contracts for Lockheed make up a significant portion of Terran’s revenue.
Recent Developments
Terran Orbital recently faced challenges with a satellite deal with Rivada Space Networks, causing delays and financial strain. Lockheed had initially proposed acquiring Terran for over $500 million, but faced resistance from Terran’s management.
Financial Status
Terran Orbital reported dwindling cash reserves, prompting the need for strategic options to address its financial needs. The company’s stock price has also taken a hit, trading at $0.40 per share.
Terran Orbital is the latest space company to leave the public markets at a valuation significantly lower than their initial public debut. Astra Space, another space company, also finalized a take-private deal over the summer after going public at a high valuation.
