Firefly Aerospace Bolsters Defense Ambitions with $855M SciTec Acquisition

Breaking News: Firefly Aerospace Acquires SciTec for $855M Firefly Aerospace has made a significant move into the defense market with its acquisition of Princeton-based SciTec for approximately $855 million in cash and stock. The deal, announced on Sunday, marks a major step towards Firefly's goal of becoming a leading player in national security. Deal Details: The acquisition involves Firefly paying around $300 million in cash and $555 million in new shares. The transaction is expected to close by the end of 2025. SciTec, which specializes in missile-warning and tracking systems, space domain awareness tools, and analytics for defense and intelligence customers, reported annual revenue of $164 million as of June. Immediate Impact: The acquisition comes on the heels of Firefly's initial public offering (IPO) in May, which valued the company at nearly $10 billion. The deal is seen as a strategic move by Firefly to reposition itself as a vertically integrated defense contractor, expanding its offerings beyond launch-and-spacecraft manufacturing. Background Context: Earlier this year, the US Space Force awarded SciTec a $259 million contract to develop a ground system for missile-detection satellites. The Pentagon has been seeking more commercial partners for missile tracking and early-warning systems, including for its Golden Dome missile-defense program. Firefly's acquisition of SciTec is likely to be seen as a positive development in this context. What Happens Next: Once the deal closes, SciTec will become a subsidiary of Firefly Aerospace. The acquisition is expected to have significant implications for the defense industry, with analysts predicting increased competition and innovation in the market. As Firefly continues to expand its presence in national security, investors will be watching closely to see how this strategic move pays off. *This story is developing. Information compiled from Techcrunch reporting.*