Spire sells maritime business for $241M to Kpler

Vienna-based Spire Global announced last week that it completed its roughly $241 million sale of its maritime business, Spire Maritime, to Belgian data and analytics company Kpler — bringing an end to a legal spat that arose when Kpler initially didn’t go through with the previously announced purchase.

Spire, a space-focused data and analytics company, said the sale was approximately $233.5 million before adjustments, plus a post-close $7.5 million agreement for services over a 12-month period. The company says it used the proceeds of the sale to pay off all outstanding debt and that the remaining proceeds will be used to invest in near-term growth opportunities.

The sale was initially announced in November 2024, with the companies anticipating the sale’s completion during the first quarter of 2025. However, Spire in February filed a complaint with the Delaware Court of Chancery seeking to compel Kpler to complete the sale. In a letter, Spire said that Kpler declined to consummate closing on Jan. 24, the designated closing date under the share purchase agreement.

“Kpler has offered no justification for its failure to close nor identified any unmet conditions to closing, all of which were met or could have been met as of the designated closing date absent Kpler’s breach,” a legal representative of Spire wrote in a Feb. 14 letter to Judge Colm F. Connolly. “Kpler’s ongoing failure to consummate the transaction for over three weeks has already caused significant harm to Spire, and such harm will continue to impact Spire’s business operations for as long as Kpler is allowed to avoid its obligations under the SPA.”

Other court documents redact the reasoning for Kpler’s initial reason for not completing the sale in January. Spire said earlier this month that it reached an agreement with Kpler on April 6 to resolve the litigation and mutually release claims if the closing occurred by April 25.

Neither company immediately returned requests for comment. The case was dismissed with prejudice on April 25, with both companies bearing their own associated costs and attorney fees.

“This milestone marks a significant step forward in Kpler’s mission to deliver decision defining insights across the global trade sector,” said Kpler CEO Mark Cunningham in a statement after the sale was completed. “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.”

Kpler said the acquisition will bolster its capabilities in maritime data and analytics. The company says it’s working closely with the relevant regulatory authorities and the UK Competition and Markets Authority in light of their review of the transaction.

In the meantime, Kpler said both businesses will continue to operate independently until the review is complete.

Founded in 2014, Kpler is a global company with more than 600 employees in over 35 countries, focusing on providing data and analytic services for global trade. It tracks more than 400,000 ships daily, according to its website.

Spire is a global provider of space-based data, analytics and space services that builds, owns and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. Data from Spire’s satellites provides global weather intelligence, ship and plane movements and spoofing and jamming detection. Spire has more than 430 employees, with nine offices around the globe.