(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
Intuitive Machines Expands Space Operations with $800 Million Acquisition
(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.
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.
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.
CEO Steve Altemus said the deal "moves Intuitive Machines beyond the Moon and into a wider range of space projects.” 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.
Lanteris builds satellites and spacecraft used for defense, communications and scientific missions. Advent will retain an undisclosed stake in the combined company.
Lanteris Space Systems was the satellite manufacturing arm of Maxar Technologies, which was taken private by Advent for about $4 billion in 2023.
The acquisition follows Intuitive Machines’ recent purchase of deep-space navigation company KinetX and several U.S. government contracts.
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.
(Reporting by Akash Sriram in Bengaluru; Editing by Sahal Muhammed)
