Why Rocket Lab Stock Skyrocketed Last Week
Shares of burgeoning space systems and rocket launch specialist Rocket Lab (NASDAQ: RKLB) rose 24% last week as the market welcomed the company's latest acquisition announcement.
On Monday, Rocket Lab announced that it was acquiring satellite operator Iridium Communications (NASDAQ: IRDM) for roughly $8 billion, in a deal consisting of a 50-50 mix of cash and RKLB stock. The market is optimistic that the acquisition -- expected not to close until the middle of 2027 -- will reinforce Rocket Lab's growth beyond being a launch provider.
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Source Fool.com
