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Raven Industries Acquires Intellectual Property From Alphabet's Loon For Undisclosed Sum

Author: Akanksha | September 30, 2021 04:00pm

Raven Industries, Inc's (NASDAQ:RAVN) Raven Aerostar has acquired intellectual property (IP) and patents from Loon, LLC, a subsidiary of Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and the developer of an autonomous constellation of high-altitude balloons for communications.
The financial terms of the asset acquisition, which was completed in May 2021, were not disclosed.
The 176 assets acquired by Raven are directly related to stratospheric balloon technology, including balloon navigation, launching operations, and balloon manufacturing.
Raven Industries held cash and cash equivalents of $13.1 million as of July 31, 2021.
Price Action: RAVN shares are trading higher by 0.02% a $57.6 on the last check Thursday.

Posted In: GOOG GOOGL RAVN