Boeing announced last week that it will acquire Millenium Space Systems as a means of expanding its satellite and space portfolio, talent, and capabilities.
Boeing said the El Segundo, California-based provider of flight-proven small-satellite solutions had developed high-performance satellites for exacting missions ranging from 50 KG to more than 6,000 KG.
The agreement 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.
“Millennium Space Systems’ expertise in vertically-integrated small-satellite solutions perfectly complements Boeing’s existing satellite portfolio, and will allow us to meet the needs of a diverse customer set,” Leanne Caret, president and CEO of Boeing Defense, Space & Security, said. “We look forward to incorporating Millennium Space Systems’ end-to-end mission solution capabilities into our service offerings in satellite operations and data solutions.”
While terms of the agreement were not disclosed, officials said the deal would have no impact on Boeing’s 2018 financial guidance or the company’s commitment to returning approximately 100 percent of free cash flow to shareholders.
“I am proud of the talented and dedicated team we’ve built at Millennium Space Systems over the past 17 years,” Stan Dubyn, CEO of Millennium Space Systems, said. “By combining our tools, talent, technologies, and culture, we’ll be able to do even more incredible things as part of Boeing.”