Posted: Wed, Jan 14, 2009, 7:55 AM ET (1255 GMT)
European aerospace giant EADS has completed its acquisition of British smallsat developer Surrey Satellite Technology Ltd. (SSTL), the companies announced Tuesday. EADS Astrium announced last April its plans to acquire SSTL after the University of Surrey, the majority owner of SSTL, decided to sell its stake. SSTL will remain an independent company focused on smallsats, while now having the financial backing of Europe's largest aerospace company; EADS Astrium, the satellite manufacturing division of EADS, will benefit from "enhanced links" to the staff and expertise at the university. The deal's closing came after the European Commission approved the acquisition last month. Terms of the sale were not released.

Related Links:

•  BBC article
•  The Engineer article
•  SSTL press release