Rocket Lab acquires Virgin Orbit Long Beach assets for $16.1M to boost Neutron production

Rocket Lab Corp

Cash purchase of $16.1M includes lease of 144K+ sq ft Long Beach facility and manufacturing equipment.
Acquisition approved by Bankruptcy Court on May 25, 2023; closing subject to customary conditions.
Assets support Neutron rocket production, expected to yield capital expenditure savings.
Excluded from purchase: Virgin Orbit's 747 aircraft, launch vehicles, and mobile launch assets.
Rocket Lab will not integrate Virgin Orbit's launch system into its existing services.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Rocket Lab Corp entered into Asset Purchase Agreement with Virgin Orbit Holdings, Inc. valued at $16.1 million (effective 2023-05-23).

Action: entry
Agreement: asset purchase
Counterparty: Virgin Orbit Holdings, Inc.
Value: $16.1 million
Effective: 2023-05-23

Exact text from the filing

On May 23, 2023, Rocket Lab USA, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “APA”) with Virgin Orbit Holdings, Inc. (the “Seller”) to acquire certain assets (as set forth in the APA, the “Purchased Assets”) of certain of the affiliates of the Seller listed on Schedule I attached to the APA (the “Selling Entities”), including a real property lease (the “Assumed Real Property Lease”) for a property located at 4022 E. Conant Street, Long Beach, California 90808 (the “Conant Facility”) and certain production assets, machinery and equipment, owned by the Selling Entities located at the Conant Facility.

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Source: SEC EDGAR

accession 0000950170-23-024260

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