Shares of Firefly Aerospace, Inc. (NASDAQ:FLY) are rising Monday after the space and defense technology company announced that it would acquire a player in the advanced national security technologies space.
What To Know: Firefly will acquire SciTec, Inc. for approximately $855 million through a combination of cash and stock. The company will pay $300 million in cash, and $555 million in Firefly shares priced at $50 each.
Firefly Aerospace stock jumped more than 11% following the news, and was trading above $30 at last check, according to Benzinga Pro.
SciTec is a frequent government contractor to the U.S.’s Department of War, formerly known as the Department of Defense. The acquisition is expected to advance Firefly's comprehensive space services by adding mission-proven defense software analytics, remote sensing and multi-phenomenology data expertise.
As part of the deal, which is expected to close by the end of 2025, SciTec will also provide technology specialized in missile warning, tracking and defense, intelligence, surveillance and reconnaissance, space domain awareness and autonomous command and control. These capabilities will supplement Firefly's launch, lunar and in-space services.
SciTec will be operated as a Firefly subsidiary under its current business model. Current CEO, Jim Lisowski, will report to Firefly CEO Jason Kim once the deal is finalized.
“The acquisition of SciTec enhances our ability to support a growing number of defense missions and provides us with a significant operational advantage,” Kim said. “SciTec's mission-proven software and big data processing capabilities provide warfighters with rapid, accurate information to enable informed decisions that protect our homeland from emerging threats.”
FLY Price Action: Firefly shares were up 11.07% at $30.40 at the time of publication on Monday, according to Benzinga Pro.
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