Transaction Expected to Complete Q3/2018
On 16 August Boeing announced that it is acquiring Millenium Space Systems of El Segundo, CA, in a transaction expected to close by the third quarter of this year.
Founded in 2001 and with approx. 260 employees, Millenium is a developer of agile high-performance satellites ranging from 50-6,000+ kg, designed for exacting missions. The combined capabilities, once Millenium becomes a Boeing subsidiary, will provide customers with advanced small-satellite technologies and flexible solutions, the company claims.
“Millennium Space Systems’ expertise in vertically-integrated small-satellite solutions perfectly complements Boeing’s existing satellite portfolio, and will allow us to meet the needs of a diverse customer set,” commented Boeing Defense, Space & Security President and CEO, Leanne Caret.. “We look forward to incorporating Millennium Space Systems’ end-to-end mission solution capabilities into our service offerings in satellite operations and data solutions.”
“I am proud of the talented and dedicated team we’ve built at Millennium Space Systems over the past 17 years,” added Millennium Space Systems CEO, Stan Dubyn. “By combining our tools, talent, technologies and culture, we’ll be able to do even more incredible things as part of Boeing.”
The acquisition, which is subject to customary conditions, is expected to close by the end of third quarter 2018. Once finalised, Millennium Space Systems will become a Boeing subsidiary, operating under its current business model and reporting to Mark Cherry, Vice President and General Manager of Phantom Works. The terms of the agreement were not disclosed.