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Lockheed Martin Agrees To Acquire Terran Orbital For Less Than Original Proposal

Cal Biesecker By
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Lockheed Martin Agrees To Acquire Terran Orbital For Less Than Original Proposal
Terran Orbital's new satellite manufacturing space in Irvine, Calif. Photo: Terran Orbital

Lockheed Martin [LMT] on Thursday said it has agreed to acquire satellite manufacturer Terran Orbital [LLAP] in a $450 million deal based on enterprise value, a bargain versus the $606 million unsolicited proposal the aerospace and defense giant made in March. Announcement of deal follows Terran’s disclosure on Monday that it has removed from its backlog more than $2 billion related to an earlier agreement to build satellites for Germany’s Rivada Space Networks. At the end of June, Terran’s backlog…

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