PARIS — Smallsat builder and service provider AAC Clyde Space is buying U.S. smallsat builder and service provider SpaceQuest Ltd. for 3.4 times projected 2020 revenue in an all-stock transaction with a three-year earn-out that assumes SpaceQuest will more than quadruple its revenue by 2023.

Sweden- and Scotland-based AAC Clyde has long told investors that a U.S. purchase was a near-term goal, the better to access the fast-growing U.S. government market for small satellites.

Virginia-based . . .

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