Herndon, Virginia-based geospatial intelligence provider BlackSky and Osprey Technology Acquisition Corp. (NYSE: SFTW) have agreed to join forces in a business combination deal worth potentially $1.5 billion, or $10 per share.
Both parties expect to close the merger transaction in July and intend for the combined entity to trade under the BKSY ticker symbol on the New York Stock Exchange, according to a joint statement released Thursday.
BlackSky CEO Brian O’Toole said the company seeks to address a demand for real-time GEOINT products among government and commercial entities through the use of its satellite network and analytics technology.
David DiDomenico, CEO of Osprey and a partner at investment management firm JANA Partners, noted that BlackSky’s imagery collection and analytics platforms have the potential to transform change monitoring approaches in the public and private sectors.
Moelis & Company and Skadden, Arps, Slate, Meagher & Flom respectively provide financial and legal services to Osprey on the transaction.
Credit Suisse Securities acts as BlackSky’s financial and capital markets adviser, while Wilson Sonsini Goodrich & Rosati serves as its legal adviser.
BlackSky said it aims to build a constellation of 30 Earth observation satellites and works with Thales Alenia Space in small satellite development efforts through a joint venture called LeoStella.
