Boeing to acquire Millennium Space Systems

Boeing said this week it would acquire Millennium Space Systems, which provides small-satellite solutions, in a bid to expand Boeing's satellite and space portfolio.

The terms of the deal were not disclosed.

El Segundo, CA-based Millennium was founded in 2001 and has about 260 employees. The company "has developed high-performance satellites for exacting missions," Boeing said.

The deal is slated to close by the end of September. Millennium will become a Boeing subsidiary, reporting to Mark Cherry, general manager of Boeing Phantom Works.