Boeing to acquire El Segundo small-satellite maker Millennium Space Systems

From Los Angeles Times:

Aerospace giant Boeing Co. said Thursday it will acquire Millennium Space Systems of El Segundo, a maker of small satellites, in the latest indication that tiny spacecraft are upending the industry.

Boeing is already well known for its work in assembling school bus-sized satellites in its El Segundo facility. Once the deal closes, which is expected by the third quarter, Millennium Space Systems will become a Boeing subsidiary and will report to the general manager of the company’s Phantom Works research division.

Financial terms of the deal were not disclosed.

Millennium Space Systems’ expertise in small-satellite development “perfectly complements Boeing’s existing satellite portfolio and will allow us to meet the needs of a diverse customer set,” Leanne Caret, chief executive of Boeing’s defense, space and security sector, said in a statement Thursday.