$855M for the development of space and defense technologies. Firefly plans a deal with SciTec

American space company Firefly Aerospace has announced the acquisition of national security company SciTec for approximately $855 million, according to Reuters.

• The deal comes just months after Firefly’s Nasdaq listing, and aims to strengthen the company’s portfolio amid rapid investor interest in military and civil space programs.

• The acquisition will be financed with a combination of $300 million in cash and $555 million in Firefly shares, and is expected to close by the end of the year. SciTec specializes in missile warning, tracking, defense systems, reconnaissance, and surveillance.

• Upon completion of the transaction, SciTec will operate as a division of Firefly under the leadership of current CEO James Lisowski.

Rising geopolitical tensions and deteriorating international relations are drawing attention to companies in the defense and space sectors. The agreement with SciTec will help Firefly strengthen its position as a space company with prospects in military space projects.

Earlier this year, Firefly faced challenges, including bankruptcy in 2017 and the dismissal of its CEO, as well as damage to the Alpha rocket booster during testing in September.

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