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L3Harris Sells 60% Stake in Space Propulsion Business to AE Industrial for $845 Million

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U.S. defense contractor L3Harris Technologies said on Monday it will sell roughly a 60% stake in its space propulsion and power systems business to private equity firm AE Industrial Partners for $845 million, including debt.

The transaction advances L3Harris’ strategy to scale back its exposure to space-related activities and sharpen its focus on defense capabilities, as rising geopolitical uncertainty drives increased demand for military technologies.

Separately, L3Harris announced it will reorganize its operations into three business segments, down from four, to better align its portfolio with what it described as the “future of warfare.” The new structure will consist of space and mission systems led by Sam Mehta, communications and spectrum dominance headed by Jon Rambeau, and missile solutions overseen by Ken Bedingfield.

“We’re now best poised to deliver the speed, technology and commerciality required by our most important customer – the warfighter,” said Chief Executive Christopher Kubasik.

Despite the divestment, L3Harris will retain full ownership of the RS-25 rocket engine, which is currently used in NASA’s Space Launch System for the Artemis program.

The deal with AE Industrial, first reported by Reuters on Sunday, is expected to close in the second half of 2026. AE Industrial said the partnership will also help accelerate the development of next-generation propulsion technologies, including nuclear propulsion systems viewed as critical for future Mars exploration missions.

AE Industrial’s previous investments in the space sector include Firefly Aerospace, RedWire Space, and York Space Systems.

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.

Cadence Design to Acquire Hexagon’s Engineering Unit for $3.16 Billion

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Cadence Design Systems (CDNS.O) announced on Thursday that it will acquire the design and engineering (D&E) business of Sweden’s Hexagon AB (HEXAb.ST) for €2.7 billion ($3.16 billion). The U.S.-based chip design software leader will finance the deal with 70% cash and 30% in newly issued shares to Hexagon.

Cadence, whose clients include Nvidia and Qualcomm, is a global leader in electronic computer-aided design (ECAD) tools that underpin chip development and verification. By acquiring Hexagon’s D&E unit, which specializes in structural and multibody dynamics simulation, Cadence will expand into adjacent markets such as aerospace and automotive engineering.

Hexagon’s D&E division generated nearly €265 million in revenue in 2024 and employs over 1,100 people worldwide. Its customer roster includes industry heavyweights such as Volkswagen Group, BMW, and Lockheed Martin, providing Cadence with a stronger foothold in the automotive and aerospace sectors.

The deal builds on Cadence’s acquisition of BETA CAE Systems in 2024 for $1.24 billion, further strengthening its simulation and engineering software capabilities. The Hexagon transaction is expected to close in Q1 2026, subject to regulatory approval. Cadence has agreed to pay a reverse termination fee of up to €175 million if the deal falls through.

With this acquisition, Cadence is positioning itself as not only a key player in semiconductor design software but also as a broader engineering solutions provider, extending its reach beyond chips into high-performance industries reliant on advanced simulations.