Spire Global to sell maritime business to Kpler for ~$241M

Spire Global (SPIR) announced an agreement to a sell its maritime business to Kpler for approximately $241M. The company intends to use the proceeds of the sale to retire all outstanding debt and invest in near-term growth opportunities. The $241M transaction consists of a $233.5M purchase price and $7.5M for services over a twelve-month period, post close. The purchase price values the portfolio at approximately 5.8x the revenue generated by the business over the last twelve months. Spire will retain its satellite network, technology and infrastructure and will continue to serve its aviation, weather and space services customers, along with the existing U.S. government portion of its maritime customer portfolio. The transaction is expected to close by the first quarter of 2025, subject to satisfying customary closing conditions.