Our Core Satellite & Space index was up +4% in November, underperforming the S&P 500 which saw a gain of +6% and outperforming the MSCI Global (ex.-U.S.) index which saw a loss of -0.3%.​   ​
Transaction activity slowed in the month, with nine minority VC/PE equity financings, four M&A transactions, and one public equity financing announced.
The largest transaction announced in the month was AeroVironment’s announcement of its intent to acquire BlueHalo at an enterprise value of $4.1B, reflecting an EV/TTM Revenue multiple of 4.6x. Arlington Capital-backed BlueHalo provides capabilities in space, uncrewed aircraft systems, directed energy, and other defense-related domains.