Our Core Satellite & Space index was up +4.0% in May, outperforming the S&P 500 which remained flat (0%) and outperforming the MSCI Global (ex.-U.S.) index which saw a loss of -4%.
Transaction volumes remained tepid during May. There were 11 minority VC/PE equity financings and two M&A events (four transactions if each Virgin Orbit asset sale is considered separately).
Additionally, Terran Orbital shored up its cash position with a $37M registered direct equity placement.
In May, two mega transactions closed: (1) ViaSat completed its acquisition of Inmarsat following extensive regulatory review-driven delays (the transaction had originally been announced in November 2021) and (2) PE firms Advent International and BCI completed the acquisition of Maxar.