Dec 2, 2021
Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, announced today that it has closed the previously-announced transaction to acquire Planetary Systems Corporation (PSC), a Maryland-based spacecraft separation systems company, for $42 million in cash and 1,720,841 shares of the Company’s common stock, plus the potential for an additional 956,023 shares of common stock for a performance earnout based on PSC’s CY 2022 and 2023 financial results. Rocket Lab announced the execution of the agreement to acquire PSC on 15 November, 2021 pending certain closing conditions.
A trusted leader in separation systems and satellite dispensers across the space industry, PSC’s flight-proven, cost-effective, and lightweight hardware streamlines the process of attaching satellites to rockets and releasing them in space while ensuring they’re protected during the journey to orbit. PSC’s products to date have a 100% mission success heritage across more than 100 missions launched with American launch providers including Rocket Lab, SpaceX, United Launch Alliance, Northrop Grumman, and more; NASA Space Shuttle and International Space Station missions; and international launch vehicles operated by Arianespace, the Indian Space Research Organisation (ISRO), the Japan Aerospace Exploration Agency (JAXA), and others.
PSC’s products will become key offerings in Rocket Lab’s vertically-integrated Space Systems division alongside its own in-house manufactured and operated Photon spacecraft line, Maxwell satellite dispensers, satellite components, and mission flight software by Advanced Solutions, Inc (ASI), which recently joined the portfolio through acquisition last month.
The deal also enables PSC to make use of Rocket Lab’s resources and manufacturing capability to grow their already-strong commercial hardware trade and continue serving their existing satellite customers launching spacecraft on other launch vehicles. PSC’s team of 25 people will continue to be led by the company’s President and CEO Mike Whalen in Maryland, with founder Walter Holemans also remaining in his role of Chief Engineer.
Rocket Lab CEO and founder, Peter Beck, says: “Easier and faster access to space relies on proven, affordable hardware being available at scale. By bringing PSC into the fold, Rocket Lab truly simplifies the journey to orbit as a one-stop-shop for a customer’s full mission needs – from launch, spacecraft build and operation with Photon, manufacture of mission-critical components for satellites, flight software, and now, separation systems. We’re thrilled to welcome PSC to the team and further strengthen our position as a leading end-to-end space company.”
PSC Chief Engineer and founder, Walter Holemans, says: “For over 20 years we’ve honed our craft and dedicated ourselves to producing separation systems the satellite community can rely upon, and we’re proud of our strong heritage of 100% mission success across more than 100 missions. We’re excited to build on that distinguished history by joining Rocket Lab and scaling our manufacturing to make our hardware available to support more missions now and long into the future.”