Redwire to Acquire Belgian Firm QinetiQ Space NV
Redwire Corporation announced a deal Monday to acquire QinetiQ Space NV (“Space NV”) for 32 million euros ($31 million). Space NV, based in Belgium, is owned by QinetiQ Group plc and sells Earth observation, platforms, mechanisms, and science instruments in the space sector.
Explaining the acquisition, Redwire said Space NV’s core product offerings include advanced payloads, small satellite technology, berthing and docking equipment and space instruments,and these capabilities complement Redwire’s portfolio. The acquisition will also increase Redwire’s exposure to European customers. Space NV customers include the European Space Agency (ESA) and the Belgian Science Policy Office (BELSPO).
Space NV recorded 49 million euros in revenue and 3 million euros in profit in the year ended March 31, 2022. As of March 31, 2022, Space NV had a contracted backlog of 113 million euros.
“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 multinational commercial space entities,” said Peter Cannito, chairman and CEO 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.”
The transaction is subject to approval and is expected to close in the fourth quarter of 2022. Redwire will utilize Space NV’s existing management and operational structures