Image: Terran Orbital
Lockheed Martin has signed a definitive agreement to acquire Terran Orbital, a company known for its satellite-based solutions in the aerospace and defence sectors. Terran Orbital is recognised for its high-throughput, robotic manufacturing capabilities and modular space vehicle designs. This...
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Lockheed Martin has signed a definitive agreement to acquire Terran Orbital, a company known for its satellite-based solutions in the aerospace and defence sectors.
Terran Orbital is recognised for its high-throughput, robotic manufacturing capabilities and modular space vehicle designs. This acquisition is expected to enhance Lockheed Martin’s offerings, particularly in projects like the Space Development Agency’s Transport and Tracking Layer programmes and various self-funded technology demonstrations.
"We've worked with Terran Orbital for more than seven years on a variety of successful missions," said Robert Lightfoot, president, Lockheed Martin Space. "Their capabilities, talent and business momentum align with Lockheed Martin Space's strategic plans – and we're looking forward to welcoming them to our team. Our customers require advanced technology and even faster product development, and that's what we can achieve together."
The transaction, valued at approximately USD 450 million, will see Lockheed Martin acquiring Terran Orbital for USD 0.25 per share in cash and retiring its existing debt. Additionally, a new USD 30 million working capital facility has been established.
"This transaction combines our strengths and expertise," said Marc Bell, chairman, CEO, and co-founder of Terran Orbital. "This move will open new opportunities for growth and innovation, and we couldn't be more excited about the future. Access to Lockheed Martin's incredible engineers and world class facilities will only accelerate our business plan to provide low-cost, high-value solutions to our ever-growing customer base."
The deal is expected to close in the fourth quarter of 2024, subject to regulatory and stockholder approvals. Post-acquisition, Terran Orbital will continue as a commercial supplier to the industry.
Terran Orbital has supported over 80 missions in the past decade, serving both government and commercial clients. Lockheed Martin, its largest customer, has a longstanding relationship with the company, which is expected to facilitate a smooth integration.
The company joined the Lockheed Martin Ventures portfolio in 2017, with subsequent investments in 2020 and 2022. This acquisition marks the first time Lockheed Martin has sought to acquire a company from its venture fund since its inception in 2007.
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