Boeing [NYSE: BA] has announced it intends to acquire Millennium Space Systems under an acquisition agreement that will expand Boeing´s satellite and space portfolio, talent and capabilities, the company said.
Millennium Space Systems´ expertise in vertically-integrated small-satellite solutions complements Boeing´s existing satellite portfolio.
The acquisition, which is subject to customary conditions, is expected to close by the end of third quarter 2018. Once finalized, Millennium Space Systems will become a Boeing subsidiary, operating under its current business model and reporting to Mark Cherry, vice president and general manager of Phantom Works.
The terms of the agreement were not disclosed.