Vienna-based Spire Global to buy Canadian company for $161.2M
Purchase of exactEarth set to close by early 2022
Vienna-based space-focused data and analytics company Spire Global Inc. has entered into a $161.2 million deal to purchase exactEarth Ltd., a Canadian maritime data provider, the two companies announced Tuesday.
Spire, which is set to close on the cash and stock purchase late this year or in early 2022, will operate Ontario-based exactEarth as a fully-owned subsidiary, with the company’s CEO, Peter Mabson, reporting to Spire CEO Peter Platzer.
Formed in 2009, exactEarth uses a satellite network to provide data for ship tracking and situational awareness, and its operations will continue to be based in Cambridge, Ontario, according to the news released. At least two-thirds of exactEarth shareholders must approve the transaction at a special meeting in November for it to take place.
The deal will include $103.4 million in cash and $57.8 million in Spire Class A common stock, and its plan of arrangement falls under the Canada Business Corporations Act. Holders of exactEarth common shares will receive about $1.98 in cash and 0.1 share of Spire Class A common stock for each exactEarth common share held.
“Peter and I share a vision about the opportunity for space-based maritime data and the digitalization of the global maritime industry, and I look forward to pursuing that vision together,” Platzer said in a statement.
“We look forward to joining forces with the Spire team to not only have an impact on the maritime industry,” Mabson said in a statement, “but also to have an impact on the planet, through offering customers enhanced data solutions that are designed to impact not only a company’s bottom line, but also its environmental footprint.”
A month ago, Spire Global completed its merger with Reston-based special purpose acquisition company NavSight Holdings Inc. to become a public company. Although financial terms of the contract were not disclosed, the combined company was valued at $1.6 billion and was expected to produce $475 million in gross proceeds. As of Wednesday afternoon, Spire’s stock was trading at $9.76 per share, up 0.60 points from Tuesday. The company has more than 110 satellites in orbit, as well as ground stations in 16 countries.