Lockheed Martin has agreed to acquire Terran Orbital, a struggling spacecraft manufacturer, for an enterprise valuation of $450 million. This is below Lockheed's previous bid of $600 million in March. Lockheed will pay 25 cents per share in cash for Terran's outstanding common stock and pay off Terran's $300 million in debt. The deal is expected to close in the fourth quarter. Terran went public via SPAC in early 2022 at a $1.8 billion valuation, but its stock has fallen significantly along with other space companies.
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00:00It's Benzinga, and here's what's on the block.
00:02Lockheed Martin has agreed to acquire Terran Orbital, a struggling spacecraft manufacturer,
00:07for an enterprise valuation of $450 million.
00:11This is below Lockheed's previous bid of $600 million in March.
00:15Lockheed will pay $0.25 per share in cash for Terran's outstanding common stock and
00:20also pay off Terran's $300 million in debt.
00:23The deal is expected to close in the fourth quarter.
00:25Terran went public via SPAC in early 2022 at a $1.8 billion valuation, but its stock
00:31has fallen significantly along with other space companies.
00:34For all things money, visit Benzinga.com.
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