July M&A Activity<\/p>\n
July 5 AST SpaceMobile, Inc. announced that it entered into an agreement to sell its majority ownership interest in smallsat manufacturer NanoAvionics Corp. (NanoAvionics) to Kongsberg Defence & Aerospace (Kongsberg), the space and maritime surveillance business unit of Norway's Kongsberg Gruppen. The contemplated transaction values NanoAvionics at approximately $68m, with Kongsberg acquiring a 77% ownership interest in the company, while company management will retain a 23% stake. The transaction is expected to close in Q3 2022, subject to regulatory approvals.<\/p>\n
July 8 Safran Electronics & Defense SAS acquired Orolia SAS, a manufacturer of atomic clocks, from private equity investor Eurazeo SE for 189m with the aim of consolidating its leading position in the market for resilient positioning, navigation and timing systems.<\/p>\n
July 18 The Raytheon Intelligence & Space business unit of Raytheon Technologies Corp. announced that it will acquire, under terms not yet disclosed, Northern Space and Security Ltd. (NORSS), a UK-based start-up focused on space domain awareness, orbital analysis, space surveillance and tracking.<\/p>\n
July 25 Eutelsat Communications S.A. (Eutelsat) and OneWeb Communications Ltd. (OneWeb) announced a memorandum of understanding setting forth their agreement to merge their companies in an all-share transaction that values OneWeb at $3.4b. Eutelsat, which currently holds a 23% stake in OneWeb, will acquire the company from existing shareholders in exchange for newly issued shares in Eutelsat, although the UK government will retain a share in OneWeb with priority voting rights. The combined company will transform into a leading multi-orbit satellite operator providing integrated geostationary and low-Earth orbit satellite-based connectivity services through the joining of Eutelsat's geostationary orbit satellite fleet and OneWeb's low-Earth orbit broadband constellation.<\/p>\n
Satellite Vu Procures Second Satellite from SSTL<\/p>\n
On July 21, Global Satellite Vu Ltd. (Satellite Vu), a UK-based start-up with plans to deploy a seven-satellite thermal imaging constellation, announced that it selected Surrey Satellite Technology Ltd. (SSTL) to manufacture a second satellite for the company. Scheduled for launch in early 2024, the new satellite will be a clone of Satellite Vu's first satellite, which the company ordered from SSTL in 2021.<\/p>\n
July Investment Activity<\/p>\n
July 5 Virginia Venture Partners, the equity investment program of the Virginia Innovation Partnership Corporation, announced that it made an investment of undisclosed amount in Virginia-based Lynk Global Inc., a start-up working to provide global satellite-based broadband connectivity services directly to standard mobile phones.<\/p>\n
July 6 L3Harris Technologies, Inc. (L3Harris) and Mynaric AG (Mynaric) announced an agreement whereby L3Harris will invest 11.2m in Mynaric to acquire a 7.2% ownership stake in the company through the issuance of 409,294 new shares, reflecting a per-share price of approximately 27.37. As part of the transaction, Mynaric will become L3Harris' preferred provider of laser communications systems, and the companies will collaborate on laser communications technologies.<\/p>\n
July Launch Services Performed<\/p>\n
July 7, 10, 17, 22, 24 Space Exploration Technologies Corp. (SpaceX) successfully performed five launch missions for its Starlink low-Earth orbit broadband constellation, launching batches of 53, 46, 53, 46 and 53 satellites, each time using a Falcon 9 launch vehicle and then recovering the vehicle's first stage. The second of the five missions was the first dedicated Starlink launch to polar orbit, with satellites dedicated to a new polar-orbiting layer in the Starlink system. There are now more than 2,500 Starlink spacecraft currently operating on orbit.<\/p>\n
July 13 Arianespace S.A. successfully conducted the inaugural launch of the new Vega-C medium-lift launch vehicle for the European Space Agency, orbiting Italy's LARES-2 physics satellite together with six scientific cubesats from Italy, France and Slovenia. The first Vega-C commercial mission is scheduled for November of this year.<\/p>\n
New Investment Funds Target Space<\/p>\n
July 7 New venture capital firm Stellar Ventures announced the formation of SV Andromeda Fund LP with more than $23m in capital commitments to invest in space technology.<\/p>\n
July 17 The United Arab Emirates announced the establishment of the National Space Fund, with more than $800m in government funding to support the country's space sector, including a new SAR satellite system called Sirb.<\/p>\n
July 20 Boeing announced that it agreed to provide $50m in capital to AEI HorizonX, a new venture fund managed by AE Industrial Partners, LP and focused on aerospace technology.<\/p>\n
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Space Business Review: A monthly round-up of space industry developments for the information of our clients and friends - July 2022 - Lexology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" July M&A Activity July 5 AST SpaceMobile, Inc. announced that it entered into an agreement to sell its majority ownership interest in smallsat manufacturer NanoAvionics Corp. (NanoAvionics) to Kongsberg Defence & Aerospace (Kongsberg), the space and maritime surveillance business unit of Norway's Kongsberg Gruppen Continue reading