The Scottish small satellite manufacturer Clyde Space is to be sold to the Swedish space firm AAC Microtec in a cash and mainly share deal overall worth US$35.3 million. Craig Clark, the CEO of the Clydespace firm which was founded by him in 2005, is thought to be a principle beneficiary of the sale which will give him and two investor groups a 49 per cent shareholding in the new firm. Once merged,the new combined firm is attempting to dominate the rapidly growing cubesat market – especially in USA where AAC Microtec has a marketing strength.
Craig Clark will be given a position on the AAC Microtec management team. Will Whitehorn, Chairman of the Board of Clyde Space, will take a place on the board of AAC Microtec.