BusinessInternationalTechnology

Kongsberg Acquires Majority Stake in NanoAvionics

This morning, Kongsberg Defense and Aerospace, a Norwegian technology company, announced it has entered into an agreement to acquire a majority stake in NanoAvionics. The deal values the Lithuanian smallsat manufacturer at €65M ($67M).

The terms: Kongsberg is taking a 77% stake in the company. The company’s leadership will remain unchanged for now, with CEO Vytenis Buzas and CCO Linas Sargautis, the company’s cofounders, staying in their roles.

Midland, TX-based AST SpaceMobile ($ASTS) purchased a 51% stake in the company in 2018, and will now sell its shares. In an SEC filing, the company reported that it expects €27M ($28M) for its stake.

The big deal: Kongsberg emphasized how well NanoAvionics’ tech will work with its own offerings. Kongsberg owns and operates the KSAT (Kongsberg Satellite Services) network of ground stations. It also provides satellite subsystems.

  • It seems like a pretty logical jump to acquire a company building the actual satellite hardware. 

“Norway is a leader in the domain of maritime surveillance in the high north,” Eirik Lie, Kongsberg president, said in a press release. “NanoAvionics, along with our existing space portfolio and the development of the Andøya Space Port, means Norway now has leading positions across the entire value chain.”

Related Stories
BusinessLEO

Vast Inks Deal with The Exploration Company For Future Cargo Missions

The agreement opens the door for Europe to begin commercial and research-based missions in LEO.

BusinessPolicy

The US Wants to CHIP In On Rocket Lab’s Solar Cell Factory

Rocket Lab is one of three major players in the Western market that builds space-grade solar panels, and the investment will grow production 50% in the next three years.

InternationalStartups

Scottish Space Network, Sustainable Alpha Team Up To Grow Scottish Space Sector

The Scottish Space Network expects Scotland’s space sector to more than double in the coming years.

BusinessDebris

Astroscale Shares Surge in Market Debut

Astroscale’s IPO proves there’s value in junk stocks—space junk stocks, that is.