Sierra Nevada Corp., a Chico aerospace manufacturer, completed the $38 million acquisition of SpaceDev, a Poway-based public company, Dec. 17.
The deal that was announced earlier this month received 94 percent approval of the outstanding shares that voted at the company’s annual meeting Dec. 15. SpaceDev shareholders receive 0.726 cents for each share of common stock, or more than 40 percent above the stock’s trading price for the 30 days before the deal was announced, the company said.
Following the purchase, SpaceDev will maintain operations at the local site as a wholly owned subsidiary of Sierra Nevada, which has about 3,000 employees in 20 states.
, Mike Allen