EADS Astrium Seals Deal For SSTL
[Satellite Today – 4-7-08] EADS Astrium will acquire Surrey Satellite Technology Ltd. (SSTL) from the University of Surrey, the two companies said April 7.
SSTL, which specializes in the design and manufacture of small and micro satellites, is joining EADS Astrium following a decision by the University of Surrey to sell its majority stake of about 80 percent in the company. Financial terms of the deal were not disclosed and the deal is subject to regulatory approval.
“SSTL operates in a highly competitive global market,” Martin Sweeting, executive chairman of SSTL said in a statement. “If we are to continue changing the economics of space and provide the innovative solutions our customers demand we must expand and maintain our R&D investment. This acquisition strengthens SSTL enormously whilst preserving our unique approach to space.”
The deal is also a significant one from the University of Surrey’s perspective. “This is a great move for both the University and SSTL,” Christopher Snowden, vice-chancellor of the University of Surrey said in a statement. “On completion, this will represent one of the largest cash spin-outs from any U.K. university. It will also allow the company to realize its full potential as a rapidly growing and leading supplier of small and micro satellites, whilst the university retains the benefit of close interaction with SSTL and its new partner EADS Astrium. By retaining a small stake in SSTL the University shows its commitment to both the future of the company and space research itself.”