NEW YORK (TheStreet) -- Astrotech Corp (ASTC) - Get Report stock is soaring on the news it has agreed to sell its Astrotech Space Operations business to Lockheed Martin (LMT) - Get Report for $61 million.
"We are very excited about what this transaction means for our shareholders," CEO Thomas B. Pickens III said in a statement. "This represents the beginning of a new era for Astrotech Corporation as the company can now concentrate our efforts on high growth business opportunities while having the needed resources to develop and fulfill the potential of our 1st Detect mass spectrometer product line."
Astrotech said the deal, expected to close in the third quarter of 2014, is subject to customary closing conditions and the approval of Astrotech shareholders.
Should the transaction occur as planned, Astrotech Space Operations will operate under Lockheed Martin's Space Systems business segment.