Lockheed Martin To Acquire Terran Orbital

Lockheed Martin (“Lockheed”) has announced the signing of an agreement to acquire Terran Orbital (“Terran”) for $0.25 per share. The deal has an enterprise value $450 million and is set to close in the fourth quarter. Terran is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. 

Lockheed already holds 28.3% of Terran after investing through its venture capital arm, Lockheed Martin Ventures in 2017, 2020 and 2022. Terran will be the first portfolio company that the fund acquires since it was founded in 2007 however, this was not Lockheed's first attempt at acquiring its supplier. Nearly six months ago Lockheed attempted to acquire Terran for $1 per share, but Terran responded by introducing a shareholder rights plan or “poison pill” to ward off the takeover.