07:26 AM EST, 11/13/2024 (MT Newswires) -- Spire Global ( SPIR ) said Wednesday it has struck a deal to sell its maritime business to Kpler for roughly $241 million.

The amount consists of a purchase price of $233.5 million and $7.5 million for services over a 12-month period, upon deal completion, Spire added. It intends to complete the transaction by Q1 2025.

The company said it plans to use the proceeds to eliminate all outstanding debt and invest in near-term growth plans, adding that it will retain its satellite network, technology, and infrastructure and will continue to serve its aviation, weather, and space services customers, along with the current US government portion of its maritime customer portfolio.

Spire's shares rose 18% in recent Wednesday premarket activity.