Wednesday November 11, 2020 0 comments
BOULDER -- Small satellite manufacturer and mission services provider Blue Canyon Technologies, Inc. announced it has entered into a definitive agreement to be acquired by Raytheon Technologies (NYSE: RTX), an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide.
BCT will report into Raytheon Intelligence & Space, a business of Raytheon Technologies, subject to certain regulatory and customary closing conditions. Financial details of the acquisition were not disclosed.
Blue Canyon said its diverse portfolio of spacecraft has successfully enabled a broad range of missions and technological advancements for the U.S. government and new space economy, further reducing the barriers of space entry.
The acquisition will allow BCT to grow its innovative product line of turnkey small satellite solutions, including nanosatellites, microsatellites, and ESPA-class satellites, and related technology and meet increasing customer demand, the company said.
“Raytheon Technologies is a leader in developing advanced sensors, cyber and software solutions,” said George Stafford, president and CEO of Blue Canyon.
“That leadership, coupled with our innovative and turnkey small-satellite solutions, will allow us to continue to disrupt the space industry and drive our customers’ success.”
BCT is currently building more than 90 spacecraft for government, commercial and academic missions. BCT has seen significant growth over the past 12 months and recently opened its new 80,000-square-foot Satellite Constellation Factory headquarters and production facility in Lafayette.
BCT said it will continue to serve its customer base under the current business name and brand from their Boulder and Lafayette facilities.
Jefferies LLC served as the exclusive financial advisor to Blue Canyon Technologies and King & Spalding LLP and Hutchinson Black and Cook, LLC served as legal advisors in connection with the transaction.