09:08 AM EDT, 08/15/2024 (MT Newswires) -- Lockheed Martin ( LMT ) said Thursday it has agreed to acquire Terran Orbital ( LLAP ) for an enterprise value of about $450 million.

Under the terms of the deal, Lockheed Martin ( LMT ) will buy Terran Orbital ( LLAP ) for $0.25 in cash per outstanding common share and retire the latter's existing debt.

The transaction is expected to be completed in Q4, subject to customary closing requirements, including Terran's shareholders' approval, Lockheed added.

Upon deal closing, Terran Orbital ( LLAP ) will remain a commercial merchant supplier to the industry, the defense technology firm said.

Lockheed's stock was slightly down in recent Thursday premarket activity, while Terran Orbital's ( LLAP ) fell over 34%.

Price: 561.50, Change: -1.72, Percent Change: -0.31