Launch services provider Rocket Lab (Nasdaq: RKLB) has agreed to acquire space solar power technology developer SolAero Holdings for approximately $80 million in cash.
Rocket Lab said Monday it expects to close the transaction in the first quarter of 2022 and the deal is in line with the company’s strategy of assembling a comprehensive portfolio that includes manufacturing, satellite subsystems, flight software, ground operations and launch support.
SolAero has 425 employees and maintains production facilities in Albuquerque, New Mexico,
Through the acquisition, Rocket Lab seeks to offer resources and manufacturing systems to support the production of SolAero space-grade solar cell technologies.
SolAero President and CEO Brad Clevenger will continue to lead the business as part of the deal.
“By combining our innovative teams, industry-leading technologies, and strong resources, we can advance space exploration and enable our customers to push the boundaries of what’s possible in orbit,” explained Peter Beck, Rocket Lab founder and CEO.
Rocket Lab made available a replay of its Wednesday investor conference call discussing the agreement on its investor relations website.