Firefly Aerospace jumps 10% after buying defense tech firm for $855 million
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Firefly Aerospace's stock rose 10% after announcing its acquisition of defense contractor SciTec for $855 million, aimed at enhancing its national security capabilities. The deal, which includes $300 million in cash and $555 million in shares, is expected to close by year-end. CEO Jason Kim highlighted the integration of SciTec's software for missile defense and tracking. This follows a recent drop in Firefly's shares due to a rocket explosion during testing. The company has secured significant contracts with NASA and Northrop Grumman, bolstering its defense partnerships.
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