Lockheed Martin acquiring Terran Orbital for 25c per share

Lockheed Martin (LMT) signed a definitive agreement to acquire Terran Orbital (LLAP). 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. The enterprise value of the transaction is approximately $450M. Lockheed Martin will acquire Terran Orbital for 25c 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 Q4 . Upon closing, Terran Orbital will remain a commercial merchant supplier to industry.