Hexagon Purus Divests Aerospace Business to SpaceX for $15 Million
Hexagon Purus ASA has agreed to sell its aerospace business, Hexagon Masterworks Inc., to SpaceX for an enterprise value of approximately $15 million. The sale includes 100% of Masterworks, which produces high-pressure composite storage cylinders for aerospace and hydrogen applications in North America. The hydrogen segment will remain with Hexagon Purus. The transaction includes a cash payment of $12.5 million at closing and a potential earn-out of $2.5 million. This divestment supports Hexagon's financial position and strategic focus.
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Hexagon Purus ASA has entered an agreement to divest its aerospace business, Hexagon Masterworks Inc., to SpaceX for an enterprise value of around $15 million. The deal includes a cash payment of $12.5 million upon closing and a contingent earn-out of $2.5 million.
The transaction will not include Masterworks' hydrogen customer contracts, which will be reassigned within Hexagon Purus. The move aligns with the company's portfolio review and aims to strengthen its financial position as it shifts focus away from the hydrogen mobility market in North America, which lacks significant near-term potential.
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