Mynaric production of the CONDOR Mk3 optical communications terminal. Photo: Mynaric

Laser terminal manufacturer Mynaric has completed financial restructuring in Germany amid a deal to be acquired by Rocket Lab. 

Mynaric announced Tuesday it has completed financial restructuring under the German Corporate Stabilization and Restructuring Act (StaRUG). Mynaric is still in the process of being acquired by Rocket Lab, which was announced in March. 

Now that the StaRUG process has been completed, Mynaric’s debt to its principal lender JVF-Holding was swapped for equity in the company, a representative for Mynaric explained to Via Satellite. JVF-Holding is now the principal shareholder of Mynaric. 

“StaRUG needed to be completed to allow for the potential sale of Mynaric to Rocket Lab through the principal shareholder [JVF-Holding],” the representative said. 

Mynaric continued operating during the restructuring process and hit a delivery milestone for optical communications terminals in June. 

“This marks a pivotal moment for Mynaric,” Andreas Reif, chief restructuring officer of Mynaric said in a release. “With the StaRUG process behind us and strong financial backing from our principal shareholder and lender, we are well-positioned to scale our operations and continue serving our customers with innovative and mission-critical technology.”

Rocket Lab CEO Peter Beck has explained that acquiring Mynaric boosts its position as an end-to-end space systems company, bringing optical terminals into its portfolio. It also brings Rocket Lab into Europe, with opportunities for European programs. 

Last week, Rocket Lab closed its acquisition of Geost, bringing payload capabilities in-house to strengthen its offering as a prime contractor.