Lockheed Martin has agreed to acquire Terran Orbital, a struggling spacecraft manufacturer, for an enterprise valuation of $450 million. This is below Lockheed's previous bid of $600 million in March. Lockheed will pay 25 cents per share in cash for Terran's outstanding common stock and pay off Terran's $300 million in debt. The deal is expected to close in the fourth quarter. Terran went public via SPAC in early 2022 at a $1.8 billion valuation, but its stock has fallen significantly along with other space companies.
