Raven Industries Acquires Intellectual Property From Alphabet's Loon For Undisclosed Sum

Raven Industries Acquires Intellectual Property From Alphabet's Loon For Undisclosed Sum
  • Raven Industries, Inc's RAVN Raven Aerostar has acquired intellectual property (IP) and patents from Loon, LLC, a subsidiary of Alphabet Inc. GOOG GOOGL and the developer of an autonomous constellation of high-altitude balloons for communications.
  • The financial terms of the asset acquisition, which was completed in May 2021, were not disclosed.
  • The 176 assets acquired by Raven are directly related to stratospheric balloon technology, including balloon navigation, launching operations, and balloon manufacturing.
  • Raven Industries held cash and cash equivalents of $13.1 million as of July 31, 2021.
  • Price Action: RAVN shares are trading higher by 0.02% a $57.6 on the last check Thursday.

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