Founders Vytenis Buzas and Linas Sargautis will continue to lead NanoAvionics as CEO and CCO respectively.
Norway-based Kongsberg Defence & Aerospace (Kongsberg) has entered into an agreement to acquire Lithuanian smallsat mission integrator and bus manufacturer NanoAvionics.
The planned acquisition expands Kongsbergs space offering to also have products and technology for manufacturing small satellites.
With more than 150 employees NanoAvionics has contributed to 120 missions and commercial satellite projects, with customers ranging from national space agencies to universities such as UNSW Sydney and companies such as Thales Alenia Space, Aurora Insight, the Dubai Electricity & Water Authority, SEN and others.
Commenting on the agreement, Geir Håøy, CEO of Kongsberg, said: “The agreement to acquire NanoAvionics represents a game-changer for Kongsbergs space ambitions. By acquiring NanoAvionics Kongsberg expands its portfolio to also have products and technology for designing and manufacturing small satellites. Kongsberg is the Nordic region’s largest industrial space company and a global leader in maritime surveillance. We have clear ambitions to grow further and with this acquisition, we are taking the next step both for us and for the Norwegian space industry.”
Kongsberg will acquire in total 77% of the company. Current majority owner AST & Science will divest all its shares, while the management of NanoAvionics will retain 23% of the company. The parties have agreed upon an enterprise value of $67.35m (100% basis). The management and leadership structure of NanoAvionics under CEO Vytenis Buzas and CCO Linas Sargautis, both founders of the company, will remain unchanged. Kongsberg and NanoAvionics plan to close the transaction following the conclusion of customary closing conditions including any required regulatory reviews.
Vytenis J. Buzas, Founder and CEO of NanoAvionics, added: Joining forces with Kongsberg, one of the most respected names in the defence, maritime and space domain, further strengthens and broadens our position in the NewSpace sector and provides us access to new markets. It is the right timing and a perfect match for our companies to consolidate our expertise and create a world-class space company which will be a leading prime contractor for small satellite missions.”
Eirik Lie, President of Kongsberg Defence & Aerospace, stated: By joining forces NanoAvionics and Kongsberg will be able to provide cost-efficient solutions and services for customers, from manufacturing, payload production and integration, to launch services, and mission control and data processing. The market for small satellite constellations will increase going forward, within commercial, security and defence segments. NanoAvionics has a strong proven track record, and we look forward to working closely with this talented team.”
The planned acquisition is in line with Kongsbergs strategic priorities to grow in the space technology sector and Norways space ambitions. In April, Kongsberg announced the procurement of three microsatellites from NanoAvionics as a first step of establishing Norway’s first satellite constellation. On July 5 of this year, Kongsberg will open a new 6,000 square meter building, with specialised facilities for the development and production of products to be launched into space.
Lie concluded: Norway is a leader in the domain of maritime surveillance in the high north. The planned acquisition incorporates world-class small satellite technology into our portfolio enabling further advances in surveillance and other key strategic capacities. NanoAvionics, along with our existing space portfolio and the development of the Andøya spaceport means Norway now has leading positions across the entire value chain.”
