Policy and Legislation News
UrtheCast to acquire the Deimos Imaging Earth observation business from Elecnor S.A.
22 June 2015
UrtheCast Corp., announced on 22 June that its subsidiary has entered into a definitive agreement with Elecnor, S.A. to acquire Elecnor's Earth Observation business dba Deimos Imaging for an aggregate price of €74.2 million, subject to customary working capital adjustments, with €69 million due at closing and €5.2 million to be paid over the next five years.
To carry out the acquisition, UrtheCast's wholly-owned subsidiary, UrtheCast International Corp., has entered into a share purchase agreement with Elecnor and Deimos Space, S.L.U. to acquire the outstanding shares of Deimos Imaging, S.L.U. and DOT Imaging, S.L.U. (collectively, "DOT-Deimos"). DOT-Deimos owns and operates two satellites, Deimos-1 and Deimos-2. Subject to satisfaction of certain customary closing conditions, the Acquisition is expected to close on or before 21 August 2015, along with the execution of certain ancillary agreements.
"This is an incredible acquisition that epitomises technological and operational synergy," explained Scott Larson, UrtheCast Co-founder and Chief Executive Officer. "By adding these satellites to our suite of sensors available via our web platform, significantly expanding our space operations capability - important for our recently announced SAR and Optical constellation - and merging our business development, UrtheCast is rapidly accelerating its mission to democratise Earth Observation imagery, and bring a unique dataset and distribution model to customers and users that up until now, has not been available anywhere in the marketplace."
Image credit: Elecnor Deimos - Artist's concept of Deimos-2