Spire Global, Inc. ( SPIR ) shares were trading at $14.46 at last check Wednesday morning, up 22.75%.

The uptick comes after the satellite and analytics company agreed to sell its maritime business to Kpler for roughly $241 million.

The deal includes a $233.5 million purchase price and $7.5 million allocated for services over the next twelve months post-closing.

This valuation reflects roughly 5.8 times the revenue generated by the maritime business over the past year.

Spire will keep its satellite network, technology, and infrastructure, maintaining service to its aviation, weather, and space services customers, as well as its U.S. government maritime clients.

The company plans to use the sale proceeds to fully pay off its outstanding debt and invest in growth opportunities.

Also, Spire plans to invest in advancing its data analytics and radio frequency geolocation solutions, aiming to support customers in addressing climate change and global security challenges.

Peter Platzer, Spire CEO said, “We are now even better equipped with the resources, technology and experience to serve governments and commercial clients to fulfill their missions, whether through our advanced data solutions or empowering them with our sophisticated space services offering.”

“In addition to these benefits for Spire, we expect this sale will benefit our maritime customers and team members by allowing our maritime business to grow even faster within a global organization leading the digitalization of the maritime industry,” 

Leo Basola, Spire CFO added, “By capitalizing the business in a non-dilutive manner and eliminating interest payments and other operational restrictions, we are transforming our cost structure and operating model,”

Price Action: SPIR shares are up 30.71% at $15.41 at the last check Wednesday.

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