Lockheed Martin (NYSE: LMT) said today it has agreed to acquire satellite maker Terran Orbital (NYSE: LLAP) in Irvine in a $450 million deal.
The sale is expected to close in the last three months of this year, subject to regulatory approval and Terran Orbital shareholder approval. Terran has the bulk of its operations in Irvine and is based in Boca Raton, Fla.
Lockheed Martin will acquire Terran Orbital for 25 cents per share and retire its existing debt.
Shares in Terran Orbital fell 41% to 23.5 cents apiece after the acquisition announcement.
A previous Lockheed Martin bid for Terran Orbital valued the company at almost $600 million, CNBC reported.
