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Intuitive Machines to Expand Beyond Lunar Missions with $800 Million Acquisition of Lanteris Space Systems

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Intuitive Machines announced on Tuesday that it will acquire Lanteris Space Systems — formerly Maxar Space Systems — from private equity firm Advent International in an $800 million deal aimed at transforming the company into a full-spectrum space services provider. The acquisition marks a major strategic shift for the Houston-based lunar lander manufacturer, broadening its scope well beyond the Moon.

The transaction, comprising $450 million in cash and $350 million in stock, is expected to close in the first quarter of next year pending regulatory approval. Following the news, Intuitive Machines’ shares fell about 5% in premarket trading.

CEO Steve Altemus said the acquisition “moves Intuitive Machines beyond the Moon and into a wider range of space projects.” The combined company will generate an estimated $850 million in annual revenue and hold about $920 million in future contracts as of September 30.

Lanteris builds satellites and spacecraft used for defense, communications, and scientific missions. It was previously the satellite manufacturing arm of Maxar Technologies, which Advent took private in 2023 for $4 billion. Advent will retain a minority stake in the merged entity.

The deal follows Intuitive Machines’ recent acquisition of deep-space navigation firm KinetX and several new U.S. government contracts, as the company positions itself as a key player in both lunar and orbital missions.

Separately, the company reported third-quarter revenue of $52.4 million, below analyst expectations of $68.1 million, and a net loss of $10 million, according to LSEG data.

Advent International to Acquire Insurance Software Firm Sapiens for $2.5 Billion

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Israeli insurance software provider Sapiens International (SPNS.O) announced on Wednesday that it will be acquired by U.S. private equity firm Advent International for $2.5 billion in cash, as Advent continues its focus on the insurance technology sector amid growing adoption of AI-powered solutions.

DEAL DETAILS

  • Purchase Price: $43.50 per share in cash, representing a 47.5% premium over Sapiens’ last Nasdaq close of $29.50.

  • Ownership Structure: Sapiens will become privately held post-acquisition, while existing shareholder Formula Systems retains a minority stake.

  • Strategic Intent: Advent aims to accelerate Sapiens’ AI and SaaS-driven innovation, enhancing technology and customer-centric solutions for insurers.

INDUSTRY CONTEXT

  • Insurance companies are increasingly deploying AI-powered software to improve efficiency, reduce costs, and drive profitability.

  • Advent has actively pursued deals in the sector, including exclusive negotiations for Kereis, the leading housing protection insurance broker in France.

STATEMENTS FROM EXECUTIVES

  • Douglas Hallstrom, Advent Director: “Insurers are increasingly turning to technology to help unlock growth and profitability… We will work with Sapiens to accelerate investment into technology innovation, AI, and customer centricity.”

  • Guy Bernstein, CEO of Formula Systems: “Formula will continue to retain ownership in Sapiens and is excited to partner with Advent to accelerate the transition to AI and SaaS.”

RECENT DEAL ATTEMPTS

  • Earlier in August, Advent failed to acquire Spectris, a British scientific instruments maker, after it opted for a rival offer from KKR worth £4.8 billion ($6.48 billion).

CONCLUSION
The acquisition underscores the growing importance of AI and digital transformation in the insurance sector, while marking Advent International’s continued commitment to technology-driven investments in insurance software.

Spectris Open to $5 Billion Takeover Bid from Advent, Shares Jump 70%

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British scientific instruments maker Spectris (SXS.L) said it would accept a £3.73 billion ($5.06 billion) takeover offer from U.S. private equity firm Advent if a formal bid is made, sending its shares soaring 70% on Monday. The bid values Spectris at approximately £37.63 per share including dividends, representing an 85% premium over its last closing price.

Spectris’ shares had fallen sharply earlier this year, hitting an eight-and-a-half-year low in April amid trade policy uncertainties and weak demand. The company provides hardware and analytical software to industries such as pharmaceuticals, steel, and automotive across 36 countries.

JP Morgan analysts noted Spectris had long been seen as a takeover target due to its simplified portfolio and undervaluation relative to U.S. peers. The firm had previously said it expected to offset tariff impacts through surcharges.

The proposed takeover is the largest in the UK so far this year and comes amid a trend of acquisitions and subdued IPO activity affecting the London stock market. Advent must submit a formal offer by July 7 or abandon the bid, according to UK takeover rules.

Spectris’ board has indicated it would recommend the offer if formally presented. Despite the recent surge, the company’s shares remain down roughly 50% from their peak in September 2021.