Kacey Roberts
AST SpaceMobile has agreed to sell its majority share in NanoAvionics, a Lithuania-based small satellite mission integrator and bus manufacturer, to Kongsberg‘s defense and aerospace business for approximately $68 million.
The deal is anticipated to be completed in the third quarter, subject to customary closing conditions, and to bring about $28 million in net cash proceeds to AST SpaceMobile, the broadband network developer said Tuesday.
“The planned sale of our investment in NanoAvoinics will provide additional liquidity and allow AST SpaceMobile to focus on its core, direct-to-cell phone technology and the launch of the first commercial satellites,” said Scott Wisniewski, chief strategy officer at AST SpaceMobile.
In a separate announcement, Kongsberg CEO Geir Haoy remarked that acquiring NanoAvionics will expand Kongsberg’s portfolio to include products and technology for designing and manufacturing small satellites.
AST SpaceMobile is a telecommunication company located in Midland, Texas. It aims to be the first space-based cellular broadband network.
