Tailwind Two Acquisition has completed its business combination with Terran Orbital Corp., a small satellite manufacturer. Tailwind Two has been renamed Terran Orbital Corp.

Tailwind Two focuses on businesses in sectors being disrupted by technological change and their management have invested extensively in founder-run businesses, with notable success in the space industry. Terran Orbital provides end-to-end satellite services by combining satellite design, production, launch planning, mission operations, and in-orbit support to meet the needs of customers. Tailwind Two is a blank check company “for founders, by founders” – formed for the purpose of effecting a merger, capital share exchange, and asset acquisition.

“We are pleased to have completed our business combination with Terran Orbital as they bring their market leading, innovative small satellites and earth observation solutions to scale,” said Phillip Krim, chairman of Tailwind Two. “We look forward to continuing to work with the entire Terran Orbital team in the years ahead.”

Jefferies served as sole placement agent on the PIPE and exclusive capital markets advisor to Tailwind Two. Goldman Sachs served as financial advisor to Tailwind Two. Houlihan Lokey provided additional financial advice to Tailwind Two. Jefferies served as exclusive financial advisor and capital markets advisor to Terran Orbital. Kirkland & Ellis LLP acted as legal counsel to Tailwind Two and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Terran Orbital.