Kirkland & Ellis advised Tailwind Two Acquisition Corp. (NYSE:TWNT), a special purpose acquisition company, on its business combination with Terran Orbital Corporation, the global leader and pioneer in the development, innovation and operation of small satellites and earth observation solutions. Upon the closing of the transaction, the combined company will operate as Terran Orbital Corporation, with plans to list on the NYSE under the symbol LLAP. The pro forma total enterprise value of the combined companies is approximately $1.58 billion. The transaction includes a $50 million PIPE with participation from AE Industrial Partners, Beach Point Capital, Daniel Stanton and Lockheed Martin, and $75 million of additional financial commitments from Francisco Partners and Beach Point Capital. The transaction is expected to close in the first quarter of 2022.
The Kirkland team was led by corporate partners Chelsea Darnell, Jonathan Davis and Patrick Salvo, and capital markets partners Peter Seligson and Tamar Donikyan.