Banc of America Securities in OrbImage Asset Sale
September 16, 2005
September 16, 2005
Cleary Gottlieb is representing Banc of America Securities LLC as financial advisor to Space Imaging, LLC in Space Imaging’s sale of substantially all its assets, including its high-resolution IKONOS satellite, to OrbImage, Inc. for approximately $58.5 million. After the sale, OrbImage will have two high-resolution satellites and 14 affiliates and ground stations around the world. The deal is expected to close in late 2005.
The IKONOS satellite, which was launched in 1999, was the first one-meter resolution satellite commercially available to the public. Prior to IKONOS, one-meter satellite imagery was available only to military programs on a classified basis.