Lockheed Martin Acquires Terran Orbital for $450 Million

The defense giant will take the struggling satellite manufacturer private, retiring its debt and bolstering its cash reserves.

Lockheed Martin will pay $0.25 per share and retire Terran Orbital's debt.
The acquisition is expected to close by the end of 2024.
Terran Orbital had previously faced significant financial challenges, including dwindling cash reserves.
Lockheed Martin already held a 28.3% stake in Terran Orbital before the acquisition.
Terran Orbital's major $2.4 billion contract with Rivada Space Networks was recently removed from its backlog.