AAC Microtec acquires Clyde Space from UK in a $35M transaction.

ÅAC Microtec AB, an Uppsala, Sweden-based space tech company, announced getting into an agreement of purchasing 100% of the shares in UK based Clyde Space Ltd, the leading player in the global, high-growth CubeSat market.

The total value of the transaction is equivalent to approximately SEK 294M ($35.3M), as the acquisition will be paid for with shares in AAC and GBP 2M ($2.7M) in cash. After completion of the acquisition, Clyde Space owners will hold 49% of AAC.

The combined companies will have revenues of SEK 59M ($7M - pro-forma, Q1-Q3, 2017) and negative EBITDA to approximately SEK -14.5M, aiming to become a global leader in the market for high-reliability CubeSats and small satellites.

Clyde Space, founded in 2005 in Glasgow by CEO Craig Clark, develops and manufactures complete, integrated small satellite solutions and CubeSats to commercial and institutional customers around the globe. Clyde Space has supplied complete platforms as well as over 2,000 subsystems for small spacecraft while in the CubeSat sector, Clyde Space is a market leader, supporting around 30-40 percent of all current and past missions.

ÅAC Microtec, led by CEO Alfonso Barreiro, provides high value space solutions and systems for commercial, governmental and educational customers on the global market. The company has a rare ability to produce advanced and highly reliable satellite platforms, sub-systems and components with robust electronics at a competitive price.