The on-again-off-again acquisition of the maritime business from Spire Global by Kpler closed on Friday, April 25, the agreed date in a settlement between the two sides, but not without a new wrinkle to the contentious combination. The UK Competition and Markets Authority (CMA) confirmed it has opened an investigation into the proposed business combination requiring the companies to be independently operated.
Kpler confirmed in the closing announcement that it is working closely with the relevant regulatory authorities and in particular with the UK Competition and Markets Authority “in light of their review of the transaction.” Both sides had to enter into a compliance statement with CMA promising to operate the business units separately, not sharing technology or confidential business data. In addition to not moving forward with an integration, they committed to ensure that sufficient resources are made available for the development of both businesses, on the basis of their respective pre-merger business plans and maintain their current product offerings.
Despite the latest glitch, Kpler called the closing a “strategic move that bolsters Kpler’s capabilities in maritime data and analytics.” Mark Cunningham, CEO of Kpler, said “The addition of this high-quality data will unlock greater value for our customers and partners by providing increasingly comprehensive and timely insights into global trade flows. It’s about helping them navigate complexity, uncover opportunities, and make better decisions every day.”
Spire reported the completion of the sale for approximately $233.5 million, before adjustments, plus a $7.5 million agreement for services over a twelve-month period, post-close. Spire reports it used the proceeds of the sale to retire all outstanding debt and that the remaining proceeds will be used to invest in near-term growth opportunities. It followed the terms first announced for the deal in November 2024.
Spire Global reported in February it had filed a lawsuit against Kpler for a failure to close the acquisition of its maritime group while also warning shareholders of potential debt problems if the deal is not completed. At the time, it said it believed all the conditions to closing contained in the purchase agreement had been satisfied, but that Kpler had not moved forward with the closing. Three weeks ago, Spire reported an agreement had been reached to resolve the litigation and mutually release claims, if the closing occurred by April 25.
In the CMA filing, it came out that Kpler had communicated with the regulator on February 25, March 11, March 12, March 24, March 31, and April 10, requesting that the CMA consent to derogations to the Initial Enforcement Order. CMA agreed on April 16 to permit Kpler to have a level of oversight of the acquired company while requiring that they be kept independent and Spire’s business continue as a going concern so as not to prejudice the investigation. CMA reports it is continuing to consider if the combination may be expected to result in a substantial lessening of competition in any market or markets in the United Kingdom.
Spire Maritime built its niche with real-time capabilities by designing, building, and deploying nanosatellites, each the size of a wine bottle, in a constant earth orbit collecting data from all the ships. Kpler said when the deal was announced it would expand its data reach, offering comprehensive visibility across open oceans. Management said the acquisition would further strengthen Kpler’s commitment to delivering superior real-time data and analytics to its clients, supporting informed, data-driven decision-making across the global supply chain.
Kpler in 2023 acquired MarineTraffic a portal for AIS data, mapping, and visualization along with FleetMon, a vessel database. Access to Spire Global’s proprietary satellites and analytics would enhance the portfolio.
Under the terms of the agreement, Spire Global retains its satellite network, technology, and infrastructure. It said it would focus its business on its customers in aviation, weather, and the space services sectors.
