QinetiQ sells small satellites specialist Space NV to Redwire

Author: EIS Release Date: Oct 12, 2022

QinetiQ, the UK defence technology company, is selling Space NV – its division that designs and develops small satellites and space technology – to Redwire for a cash consideration of £28m (€32m).

 

QinetiQ sells Space NV to Redwire

 

Given that Belgium-based Space NV has independent facilities, management and operations, Redwire says it is expecting a seamless transition of business.

 

For the year ending 31 March 2022, Space NV recorded €49 million of revenue, €3 million of profit after taxes, and had a contracted backlog of €113 million.

 

Founded in 1983, Space NV has worked with civil and commercial space clients including the European Space Agency (ESA) and the Belgian Science Policy Office (BELSPO), delivering navigation and secure communications infrastructure.

 

Headquartered in Jacksonville, Florida, Redwire anticipates the deal will open new market opportunities.

 

“Space NV’s values align perfectly with Redwire’s ‘Heritage plus Innovation’ positioning and proven performance, supporting NASA, the Luxembourg Space Agency (LSA), U.S. national security and many multi-national commercial space entities,” said Peter Cannito, Chairman and Chief Executive Officer of Redwire. “Space NV is expected to provide Redwire with increased scale, broader access to addressable markets and significant backlog to bolster our growth platform.”

 

Air Affairs

For its part, QinetiQ highlighted its recent acquisition of Air Affairs as a step to build the growth of its “test and evaluation (T&E) and threat representation capability globally”.

 

“Following our announcement to acquire Avantus in the US in August, the acquisition of Air Affairs in Australia is a further exciting opportunity to accelerate our growth and reinforces our market leading position in test and evaluation, and air threat representation globally,” said Steve Wadey, Group Chief Executive Officer of QinetiQ.

 

“Today’s acquisition and disposal announcement reinforces the focus of our growth strategy on our six distinctive offerings in our three home countries, delivering mission critical solutions for our customers.”