• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • NEWS:
  • SatNews
  • SatMagazine
  • MilSatMagazine
  • SmallSat News
  • |     EVENTS:
  • SmallSat Symposium
  • Satellite Innovation
  • MilSat Symposium

SatNews

  • HOME
  • Magazines
  • Events
  • SmallSat Europe Insights
  • Industry Calendar
    • IN PERSON
    • VIRTUAL
  • Subscribe

Terran Orbital Enters A SPAC Business Combo Agreement With Tailwind Two Acquisition Corp.

October 28, 2021

Tailwind Two Acquisition Corp. (NYSE:TWNT) (“Tailwind Two”), a special purpose acquisition company (SPAC), and Terran Orbital Corporation, a developer, innovator and operator of smallsats and Earth Observations (EO) solutions, have jointly announced they have entered into a definitive business combination agreement. Upon the closing of the transaction, the combined company (the “Company”) will operate as Terran Orbital Corporation, with plans to list on the NYSE under the symbol LLAP. The pro forma total enterprise value of the combined companies is approximately $1.58 billion. The transaction is expected to close in the first quarter of 2022.

The transaction is supported by gross proceeds of $345 million from Tailwind Two’s cash-in-trust, $50 million from a PIPE with participation from AE Industrial Partners, long-term Terran Orbital investor Beach Point Capital, Daniel Staton[1], Lockheed Martin and Fuel Venture Capital, as well as $75 million of additional financial commitments from Francisco Partners and Beach Point Capital. In connection with the closing of the transaction, up to an additional $125 million in debt commitments from Francisco Partners and Lockheed Martin may be available subject to certain conditions. Existing Terran Orbital shareholders will roll 100% of their equity into the combined company.

Terran Orbital is capitalizing on its fully integrated manufacturing capabilities to launch one of the most advanced EO constellation of smallsats, which will provide highly persistent, real-time Earth imagery as a service, making EO data more abundant and accessible than ever before.

On September 27th, Terran Orbital announced plans to develop a $300 million, 660,000 sq.ft. space manufacturing facility on the Space Coast of Florida. Upon completion, the newly constructed facility is expected to become one of the most advanced, largest vertically integrated satellite manufacturing facilities in the world, capable of producing over 1,000 satellites and space vehicles each year.

Terran Orbital and and Tailwind Two’s boards of directors have unanimously approved the proposed business combination. Completion of the proposed business combination is subject to approval by Tailwind Two’s shareholders and the satisfaction or waiver of other customary closing conditions identified in the Agreement and Plan of Merger entered into by Terran Orbital and Tailwind Two.

"Terran Orbital is the largest independently-owned manufacturer of small satellites in the United States, serving national interests and enabling our customers to leverage the strength of our platform and insights. With our high volume, innovative manufacturing of small satellites, we will be able to deliver emerging technologies to space faster, more affordably and with greater reliability than anyone. Fundamentally, we are creating the new SaaS, Satellites-as-a-Service," said Marc Bell, Co-Founder and CEO of Terran Orbital. "In addition, our industry-leading earth observation constellation will deliver images of any geography on earth, at any time of day or night, within minutes. This capability will unlock a high-growth, high-margin data-as-a-service business model that will be truly transformational for Terran Orbital, its customers and investors."
"Terran Orbital offers an outstanding solution to address the increasing demand for cost-effective data that is only available from space," said Philip Krim, Chairman of Tailwind Two. "Tens of thousands of small satellites will be launched over the next decade, and Terran Orbital is ideally positioned to meet this demand, offering the most innovative, cost-effective small satellites that can meet the data demands for governments and corporations. Similarly, Terran Orbital’s own earth observation constellation will make the most technologically advanced data about our planet commercially available, which will unlock new markets for data and insights across industries."
"At Lockheed Martin, supporting our customers’ missions means not only delivering the most innovative products and services, but also collaborating with future-forward teams," said Rick Ambrose, Executive Vice President, Lockheed Martin Space. "We actively pursue working with organizations that are developing disruptive technologies and leveraging alternative business models. Our experience with Tyvak, which is part of Terran Orbital, has helped us expand our core capabilities to enable hybrid, networked architectures and we look forward to continuing to work together for the benefit of our customers."
"Small satellites will play a critical role in the future of space infrastructure and exploration, as well as provide customers with real time data to make informed and actionable decisions," said Kirk Konert, Partner at AE Industrial Partners. "Terran Orbital is entering into commercial partnerships with BigBear.ai and Redwire to develop and enhance next generation artificial intelligence and space solutions offerings, which is why we’re pleased to back the company and support its future growth."

Additional information about the proposed transaction will be provided in a Current Report on Form 8-K to be filed by Tailwind Two today with the Securities and Exchange Commission and available on www.sec.gov.

Filed Under: Business Moves, Constellation, Earth Observation (EO), Funding, Imagery, Manufacturing, Satellites, SmallSat, SPACs Tagged With: Featured

Primary Sidebar

Most Read Stories

  • In celebration of Juneteenth
  • Wishing Everyone a Happy July 4th … Independence Day, U.S.A.
  • Eutelsat's efforts to obtain funding to save OneWeb
  • Forrester's Digest: Starlink active in Iran
  • Startical launches the firm's 2nd demo satellite — IOD-2

About Satnews

  • Contacts
  • History

Archives

  • July 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020

Secondary Sidebar

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.
x
Sign up Now (For Free)
Access daily or weekly satellite news updates covering all aspects of the commercial and military satellite industry.
Invalid email address
Notify Me Regarding ( At least one ):
We value your privacy and will not sell or share your email or other information with any other company. You may also unsubscribe at anytime.

Click Here to see our full privacy policy.
Thanks for subscribing!