Our Core Satellite & Space index was down -1.0% in June, underperforming the S&P 500 which saw a gain of  +6% and underperforming the MSCI Global (ex.-U.S.) index which saw a gain of +3%.
Announced transaction volumes increased somewhat compared to May. In June, there were 15 minority  VC/PE equity financings, six M&A transactions, and one public equity financing.
Notable June M&A transactions included the acquisition of Emergent Space (flight and mission software) by  York, the acquisition of Spaceflight (launch and in-space transportation) by Firefly, and Eutelsat’s divestiture  of its European broadband retail activities (it had previously acquired the Bigblu retail business in 2020).
In June, SES SA announced that merger conversations between it and competing satcom operator Intelsat  had ended. SES had earlier confirmed rumors of M&A discussions between the parties in late March 2023.