AAC Microtec deal for Scots firm
Satellite maker Clyde Space bought by Swedish firm
Out of this world: Deal helps development of small satellites
Scottish satellite maker Clyde Space has been acquired by Swedish space technology company AAC Microtec in a deal worth £26.2m.
Clyde Space, which employs 80 staff in Glasgow, said the transaction would create “a global-leading company” in the small and nanosatellite markets.
The share sale and purchase agreement will give Clyde Space’s owners 49% of AAC.
Clyde Space was founded in 2005 by Craig Clark and specialises in making low-orbit, fully-functional satellites roughly the size of a loaf of bread. The firm was behind Scotland’s first space satellite, UKube-1, which launched in July 2014.
It has also supplied more than 2,000 subsystems for small spacecraft and customers have included Nasa, Spire, UK Space Agency and US Air Force.
In a statement, AAC said the combined company would offer “high-reliability technology and products” in a segment ranging from 1U CubeSats to 500kg satellites.
Mr Clark, who will join the AAC management team, said: “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.”
This week a market intelligence report by BIS Research said the global small satellites market was expected to be worth more than $10bn by 2021.
Brian Aitken, partner at Nevis Capital, said the total package will lead to an increase in jobs and infrastructure at the Clyde Space headquarters at Skypark.
He said: “We could have gone down the IPO route, but that would have taken 12 or 18 months.
“This takes us two steps forward quickly. What we are seeing is the market really starting to ramp up and grow, and we want to ramp up with that.”