ORBIMAGE Holdings recently announced that it has entered into a definitive agreement to acquire the assets of Space Imaging LLC. Under the asset purchase agreement, ORBIMAGE will acquire substantially all of the assets of Space Imaging. The total consideration for the transaction is approximately $58.5 million less amounts, which will be paid by Space Imaging on its existing debt prior to closing as well as certain other adjustments. The transaction is subject to government regulatory approvals and other customary closing conditions. ORBIMAGE is optimistic that such conditions will be satisfied in time for the closing to occur on or prior to December 31, 2005.
Space Imaging is a supplier of visual information products and services derived from space imagery. Space Imaging launched the one-meter resolution, commercial Earth imaging satellite, IKONOS on Sept. 24, 1999. It is a privately held company with resellers and over a dozen international affiliates and ground stations around the world and provides satellite imagery and imagery products to a wide variety of governmental and commercial customers both in the U.S and internationally.