Lockheed Martin to Acquire Terran Orbital
August 16, 2024 | Lockheed MartinEstimated reading time: 2 minutes
Lockheed Martin announced the signing of a definitive agreement to acquire Terran Orbital, a global leader of satellite-based solutions primarily supporting the aerospace and defense industries.
Terran Orbital brings a high throughput, robotic manufacturing capacity and high-performing modular space vehicle designs. Combined with Lockheed Martin's record of performance and innovation, this transaction will usher in an even broader range of capabilities and value for customers. Lockheed Martin uses Terran Orbital's satellites for its work, most notably with the Space Development Agency's Transport and Tracking Layer programs, and in several of its self-funded technology demonstrations.
"We've worked with Terran Orbital for more than seven years on a variety of successful missions," said Robert Lightfoot, president, Lockheed Martin Space. "Their capabilities, talent and business momentum align with Lockheed Martin Space's strategic plans – and we're looking forward to welcoming them to our team. Our customers require advanced technology and even faster product development, and that's what we can achieve together."
The transaction stands to pave a path for further advancement, as Lockheed Martin continues to invest in technology, people, and capacity to support future customer needs.
"This transaction combines our strengths and expertise," said Marc Bell, chairman, CEO, and co-founder of Terran Orbital. "This move will open new opportunities for growth and innovation, and we couldn't be more excited about the future. Access to Lockheed Martin's incredible engineers and world class facilities will only accelerate our business plan to provide low-cost, high-value solutions to our ever-growing customer base."
Transaction Details
The enterprise value of the transaction is approximately $450 million. Lockheed Martin will acquire Terran Orbital for $0.25 in cash for each outstanding share of common stock and retire its existing debt. This transaction also provides for Lockheed Martin and other current Terran Orbital creditors establishing a new, $30 million working capital facility that has been put in place as of signing.
The transaction is expected to close in fourth quarter of 2024 and is subject to the satisfaction of customary closing conditions, including regulatory and Terran Orbital stockholder approvals. Upon closing, Terran Orbital will remain a commercial merchant supplier to industry.
Proven Spacecraft Portfolio and Technology
Terran Orbital has a track record of supporting more than 80 missions over the past decade for government and commercial customers with complex mission requirements, from low earth orbit to the Moon and beyond. As of today, Lockheed Martin is Terran Orbital's largest customer. This longstanding working relationship between the companies underpins a strong cultural alignment and ability to recognize synergies between the two businesses.
Terran Orbital joined the Lockheed Martin Ventures (LM Ventures) portfolio – a fund that makes investments in technology innovations to drive growth in existing, adjacent and new segments for the company – with an initial investment in 2017. LM Ventures has since made two additional investments in Terran Orbital in 2020 and 2022. This marks the first LM Ventures company that Lockheed Martin has sought to acquire since founding the fund in 2007.
Testimonial
"Our marketing partnership with I-Connect007 is already delivering. Just a day after our press release went live, we received a direct inquiry about our updated products!"
Rachael Temple - AlltematedSuggested Items
U.S. Army Awards Lockheed Martin $9.8B Contract to Bolster Missile Defense with PAC-3 MSE
09/08/2025 | Lockheed MartinThe U.S. Army awarded Lockheed Martin a $9.8 billion contract for the production of 1,970 Patriot Advanced Capability – 3 Missile Segment Enhancement (PAC-3 MSE) interceptors and associated hardware.
Spike NLOS Down Selected for M-LRPSM Competition, Proved Out Capability in Successful Demo
09/01/2025 | Lockheed MartinThe U.S. Army down selected Lockheed Martin’s Spike Non-Line-of-Sight (NLOS) system capability for the Mobile-Long Range Precision Strike Missile (M-LRPSM) Directed Requirement competition, awarding the company the first phase of the contract to develop and test a precision-guided missile system prototype for the M-LRPSM Directed Requirement for use by Infantry Brigade Combat Teams (IBCT).
Korea Zinc and Lockheed Martin Forge Strategic Partnership
08/26/2025 | PRNewswireYun B. Choi, Chairman of Korea Zinc (KRX:010130), the world's largest zinc smelter, has signed a Memorandum of Understanding (MOU) with Lockheed Martin, the world's leading defense company, on August 25 for the supply and procurement of germanium and cooperation in the critical minerals supply chain.
Lockheed Martin Awarded $720 Million Contract for JAGM, HELLFIRE Production
08/22/2025 | Lockheed MartinThe U.S. Army has awarded Lockheed Martin a $720 million contract for the production of Joint Air-to-Ground Missiles (JAGM) and HELLFIRE missiles, marking the fourth and final follow-on award as part of its current multiple-year contract.
Lockheed Martin Continues to Support Philippine Air Force with Delivery of Five More Black Hawk® Helicopters
08/19/2025 | Lockheed MartinLockheed Martin announced the delivery of five new Black Hawk® helicopters to the Philippine Air Force. This milestone contributes to the ongoing modernization of the country’s defense capabilities and reinforces its position as a key member of the global fleet of Black Hawk operators.