© ÅAC Microtec Electronics Production | January 03, 2018
ÅAC Microtec acquires Clyde Space
The Swedish space tech company ÅAC Microtec has entered into a share sale and purchase agreement to acquire 100% of the shares in UK based Clyde Space Ltd, a player in CubeSat market.
The acquisition will be paid for with 30'466’326 newly issued shares in ÅAC and GBP 2 million in cash, equivalent to approximately SEK 294 million (at a share price of 8.90 SEK/share). After completion of the acquisition, Clyde Space owners will hold 49% of ÅAC, a press release reads. Clyde Space has supplied complete platforms as well as over 2’000 subsystems for small spacecraft. In the CubeSat sector, Clyde Space is supporting around 30-40% of all current and past missions. For the period Q1-Q3 2017, Clyde Space's revenues amounted to approximately GBP 3.98 million. The company employs 77 individuals in Glasgow, Scotland. Through the acquisition, ÅAC multiplies its business volume. The two companies combined will have a strong presence in Europe, the US and Asia, and will be able to offer a greater number of commercial and institutional customers a more complete range of products and platforms. ÅAC expects to complete the transaction by the end of January 2018. “We are very excited to join the internationally acclaimed and highly competent ÅAC team. ÅAC's complementing operations, advanced technology know-how, well-developed corporate structure and direct access to capital markets provide a great platform for the further development and growth of Clyde Space as well as the ÅAC group's business as a whole. With our combined resources, know-how and pools of highly competent individuals, we will jointly be able to boost the creation of innovative technology and products, and continue to lead the way in the most commercially interesting segments of the satellite market,” Craig Clark, Founder and CEO of Clyde Space, comments in the press release. Alfonso Barreiro, CEO of ÅAC, says: “Together with Clyde Space, we can offer a complete range of advanced and cost-efficient solutions that meets increasing customer demand for flexibility, reliability and prolonged satellite longevity. We will have advanced R&D, production and testing facilities in Uppsala and Glasgow, and effective sales channels to commercial and institutional customers across the globe.” “Our joint R&D capacity will be unique in our segment, enhancing our capability to offer state-of-the-art technology and supporting our strategy to develop robust products based on open architecture platforms to increase flexibility, scalability, and efficiency. I'm really looking forward to work closely together with Craig Clark and his team to drive commercialization and to lead the third industrial revolution in our part of the space technology market,” Barreiro adds. Mr. Craig Clark, Clyde Space's founder and CEO will join the ÅAC Management Team and Mr. Will Whitehorn, the Chairman of Clyde Space, is going to be proposed as a Board member of ÅAC.
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