Kongsberg Defence & Aerospace has signed an agreement to acquire smallsat mission integrator and bus manufacturer NanoAvionics.

The Norwegian company will acquire 77% of NanoAvionics after the current majority owner, AST & Science, completes the divestment of its shares.

NanoAvionics’ management will retain 23% of the company.

The involved parties have agreed upon an enterprise value of approximately €65m ($66.8m), on a 100% basis.

Kongsberg CEO Geir Håøy said: “By acquiring NanoAvionics, Kongsberg expands its portfolio to have products and technology for designing and manufacturing small satellites.

“We have clear ambitions to grow further and with this acquisition, we are taking the next step both for us and for the Norwegian space industry.”

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According to Kongsberg, NanoAvionics’ management and leadership structure under the company’s co-founders, CEO Vytenis Buzas and CCO Linas Sargautis, will remain the same.

The companies are planning to close the deal after the culmination of customary closing conditions and other required regulatory reviews.

Buzas said: “It is the right timing and a perfect match for our companies to consolidate our expertise and create a world-class space company which will be a leading prime contractor for small satellite missions.”

With customers in more than 40 countries across Asia, Europe and the Americas, NanoAvionics will complement the global position of Kongsberg in the traditional and new space segments.

Additionally, the acquisition will be in line with Kongsberg’s strategic priorities to expand Norway’s space ambitions and overall space technology sector.

Earlier this year, Kongsberg confirmed the procurement of three microsatellites from NanoAvionics to support Norway’s first satellite constellation.

Kongsberg will also open a new 6,000m² building to support the development of products to be launched into space.