M&A · Industrials · Guided Missiles & Space Vehicles & Parts
Lockheed Martin Corp to acquire Terran Orbital Corp
Announced Aug 15, 2024 · Closed Sep 10, 2024
Deal value$450MEV $450M
Premium—To unaffected price
EV / Adj. EBITDA—3.4x EV / Revenue
ConsiderationAll cash
Transaction
- Acquirer
- Lockheed Martin Corp (LMT)
- Target
- Terran Orbital Corp (LLAP)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $450M
- Status
- Closed Sep 10, 2024
Deal protections
- Break fee (target pays)
- $1.7M · 0.4%
- Reverse fee (buyer pays)
- $1.7M · 0.4%
- Go-shop
- Go-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lincoln International
Sector context · Industrials
- Comparable deals
- 84 in the prior 24 months
- Premium
- Sector median 34.5%
- EV / Adj. EBITDA
- Sector median 11.3x
- Break fee
- 0.4% vs. 2.8% sector median
Timeline
- AnnouncedAug 15, 2024
- Proxy filedSep 9, 2024
- Definitive proxyOct 4, 2024
- Shareholder voteOct 29, 2024
- ClosedOct 30, 2024