Boeing is set to acquire agile, flight-proven small-satellite solutions provider, Millennium Space Systems in order to expand its satellite and space portfolio, talent and capabilities.
According to Leanne Caret, President and CEO of Boeing Defense, Space & Security, Millennium Space Systems' expertise in vertically-integrated small-satellite solutions perfectly complements Boeing's existing satellite portfolio, and will allow them to meet the needs of a diverse customer set. Millennium Space Systems was founded in 2001 and is based in El Segundo, California. With approximately 260 employees, the company has developed high-performance satellites for exacting missions ranging from 50 KG to more than 6,000 KG.
The acquisition, which is subject to customary conditions, is expected to close by the end of third quarter 2018. Once finalized, Millennium Space Systems will become a Boeing subsidiary, operating under its current business model and reporting to Mark Cherry, Vice President and GM of Phantom Works. The terms of the agreement were not disclosed. The transaction will have no impact on Boeing's 2018 financial guidance or the company's commitment to returning approximately 100 percent of free cash flow to shareholders.
