Our Core Satellite & Space index was down -5.5% in September, slightly outperforming the S&P 500 which saw  a loss of -4.9% and underperforming the MSCI Global (ex.-U.S.) index which saw a loss of -3.5%.
Announced M&A transaction volumes decreased during the month as compared to August. In September,  there were 13 minority VC/PE equity financings, only one M&A transaction, and one public equity financing.
The Eutelsat/OneWeb merger has closed, with a substantial majority of Eutelsat’s shareholders voting in favor  of the merger (87%). The transaction is part of a broader trend toward multi-orbit satcom operators.
Advent International reorganized Maxar following the recent close of its acquisition of the company. Maxar is  splitting into two independent business units: Maxar Space Infrastructure (satellite manufacturing) and Maxar Intelligence (earth observation-related data and services).