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TAMPA, Fla. — Spire Global has launched legal action to force Belgian analytics provider Kpler to complete its acquisition of the small satellite operator’s commercial ship-tracking business.
Vienna, Virginia-based Spire Global said in a Feb. 11 regulatory filing that Kpler had not moved forward on the deal announced in November, which was set to inject $233.5 million into the operator’s finances.
The companies had initially anticipated completing the transaction in the first quarter of 2025 following regulatory approvals.
However, Spire Global said it has filed a complaint in the Delaware Court of Chancery against Kpler after the company declined to close the deal.
“There is currently no governmental order in effect prohibiting closing and, in the Purchase Agreement, Buyer agreed to ‘use best efforts, and to take any and all actions necessary, to eliminate each and every impediment that is asserted’ by relevant government entities so as to enable the parties to consummate the Transactions promptly,” Spire Global said in the regulatory filing, which did not detail the Belgian company’s reasons for not proceeding.
The companies did not respond to requests for comment.
Accounting complications
In addition to acquiring Spire Global’s maritime customer contracts, Kpler was set to pay $7.5 million over 12 months for transition services and data.
Spire Global operates more than 100 spacecraft, and the deal does not include any part of its satellites or operations.
The company had planned to use the proceeds to clear approximately $100 million in outstanding debt, strengthening its financial position for investing across its weather, aviation, and radio frequency geolocation data businesses, as well as hosted payload services.
The decision to sell the commercial maritime business came months after Spire Global agreed to pay a fee for a waiver to avoid default on its credit facility with Blue Torch Capital.
Spire Global also said in the regulatory filing that it does not expect to meet the NYSE’s Feb. 19 deadline to submit overdue financial reports.
The delay stems from the company’s review of accounting practices, particularly how it records revenue from hosted payload services.
Spire Global said it is in talks with the NYSE for an extension and expects to submit the filings by late February or early March, but risks delisting if it fails to secure additional time.
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