Lockheed Martin, a global aerospace, defense, and technologies company, has signed an agreement to acquire Terran Orbital, a manufacturer of satellite products and solutions, in a transaction valued at ~USD 450 million. Lockheed Martin agreed to take over Terran Orbital for USD 0.25 in cash for each outstanding share of common stock and retire its existing debt. The transaction also provides Lockheed Martin and other Terran Orbital creditors with the establishment of a new USD 30 million working capital facility as part of the agreement. The acquisition is expected to be finalized in the fourth quarter of 2024.

The acquisition is expected to bring the combined entity more customers and synergies, integrate a broader range of capabilities, and deliver future opportunities for expansion and innovation.

Terran Orbital, founded in 2013, provides satellite-based solutions primarily for the aerospace and defense industries by combining satellite design, production, launch planning, mission operations, and on-orbit support. The company has worked with Lockheed Martin since June 2017 .