(Reuters) -Lunar lander maker Intuitive Machines said on Tuesday it will buy Lanteris Space Systems, a spacecraft maker formerly known as Maxar Space Systems, from private equity firm Advent International in a deal worth $800 million.<\/p>\n
The move takes Intuitive Machines beyond its lunar niche as the company aims to become a full-service space firm that can design, build and operate spacecraft for government and commercial customers.<\/p>\n
The deal includes $450 million in cash and $350 million in Intuitive Machines stock and is expected to close in the first quarter next year, pending regulatory approval. Its shares fell about 5% in premarket trading.<\/p>\n
CEO Steve Altemus said the deal “moves Intuitive Machines beyond the Moon and into a wider range of space projects.\u201d The combined company is expected to bring in more than $850 million in annual revenue and hold $920 million in future contracts as of September 30.<\/p>\n
Lanteris builds satellites and spacecraft used for defense, communications and scientific missions. Advent will retain an undisclosed stake in the combined company.<\/p>\n
Lanteris Space Systems was the satellite manufacturing arm of Maxar Technologies, which was taken private by Advent for about $4 billion in 2023.<\/p>\n
The acquisition follows Intuitive Machines\u2019 recent purchase of deep-space navigation company KinetX and several U.S. government contracts.<\/p>\n
Separately, Intuitive Machines reported third-quarter revenue of $52.4 million, missing analysts’ estimates of $68.1 million, according to data compiled by LSEG. It posted a net loss of $10 million, with a backlog of $235.9 million as it continues work on NASA and U.S. Air Force contracts.<\/p>\n
(Reporting by Akash Sriram in Bengaluru; Editing by Sahal Muhammed)<\/p>\n","protected":false},"excerpt":{"rendered":"(Reuters) -Lunar lander maker Intuitive Machines said on Tuesday it will buy Lanteris Space Systems, a spacecraft maker…\n","protected":false},"author":2,"featured_media":270877,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[144998,145001,51427,144999,145000,59432,79,193],"class_list":{"0":"post-270876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-space","8":"tag-advent-international","9":"tag-combined-company","10":"tag-intuitive-machines","11":"tag-lanteris-space-systems","12":"tag-maxar-space-systems","13":"tag-private-equity-firm","14":"tag-science","15":"tag-space"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/270876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=270876"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/270876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/270877"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=270876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=270876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=270876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}