Why Rocket Lab Stock Skyrocketed Last Week
The market applauded Rocket Lab's potential expansion into the satellite business, reinforcing the company's ambitions for growth in space applications.
Overview
Shares of burgeoning space systems and rocket launch specialist Rocket Lab (NASDAQ: RKLB) rose 24% last week as the market welcomed the company's latest acquisition announcement.
On Monday, Rocket Lab announced that it was acquiring satellite operator Iridium Communications (NASDAQ: IRDM) for roughly $8 billion, in a deal consisting of a 50-50 mix of cash and RKLB stock. The market is optimistic that the acquisition -- expected not to close until the middle of 2027 -- will reinforce Rocket Lab's growth beyond being a launch provider.
Image source: The Motley Fool.
Details
Source
Originally published at www.fool.com.
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