Boeing (www.boeing.com) is to expand its satellite and space portfolio capabilities by acquiring Millennium Space Systems, a provider of “agile flight-proven small-satellite solutions”.

Leanne Caret, CEO of Boeing Defense, Space & Security, said: “Millennium Space Systems’ expertise in small-satellite solutions perfectly complements our existing satellite portfolio, and it will allow us to meet the needs of a diverse customer set.

"We look forward to incorporating the company’s capabilities into our service offerings in satellite operations and data solutions.”

Based in El Segundo, California, Millennium Space Systems was founded in 2001, has about 260 employees and has developed high-performance satellites ranging in weight from 50kg to more than 6,000kg.

The acquisition, which is subject to the usual conditions, is expected to close by the end of September; Millennium Space Systems will then become a Boeing subsidiary.

The terms of the agreement have not been disclosed, and the transaction will have no impact on Boeing’s 2018 financial guidance or the company’s commitment to returning about 100% of its free cash-flow to shareholders.