Spire Global Agrees to Sell Maritime Business and Plans to Eliminate Debt

November 13, 2024

DENVER, Colo., Nov 13, 2024 (247marketnews.com)- Spire Global (NYSE: SPIR) agreed to a sell its maritime business to Kpler for approximately $241 million and intends to use the sale proceeds to retire all outstanding debt and invest in near-term growth opportunities.

Peter Platzer, Spire’s CEO, commented, “This move further focuses Spire on our core mission: helping humanity tackle climate change and global security challenges — two of the macrotrends driving the space economy.

“We are now even better equipped with the resources, technology and experience to serve governments and commercial clients to fulfill their missions, whether through our advanced data solutions or empowering them with our sophisticated space services offering.

“In addition to these benefits for Spire, we expect this sale will benefit our maritime customers and team members by allowing our maritime business to grow even faster within a global organization leading the digitalization of the maritime industry.”

The transaction consists of a $233.5 million purchase price and $7.5 million for services over a twelve-month period, post close, and values the portfolio at approximately 5.8x the revenue generated by the business over the last twelve months.

Mark Cunningham, CEO of Kpler, stated, “By acquiring Spire Maritime, we will materially improve our satellite AIS offering which together with our comprehensive terrestrial AIS network, significantly enhances real-time visibility and analytics for the maritime and commodity markets.

“This will provide our clients with a clearer view of developments across maritime and commodity markets, to support better decision-making in a globally interconnected economy.”

The transaction is expected to close early next year, subject to satisfying customary closing conditions.

Leo Basola, Spire’s CFO, added, “By capitalizing the business in a non-dilutive manner and eliminating interest payments and other operational restrictions, we are transforming our cost structure and operating model.

“This approach mitigates risk by removing the most significant external financial pressures, while also providing us with capital to invest in core projects that generate long-term value.”

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