UK: University's multi-million pound satellite sale

The University of Surrey has sold almost all of its 85% stake in its campus-based satellite firm in what is thought to be the largest cash sale of a college company in UK history, reports the Surrey Advertiser. It is believed European space industry giant EADS Astrium has paid between £40 million and £50 million for Surrey Satellite Technology Ltd. The university will retain a 1% stake in the company.

Professor Christopher Snowden, the vice-chancellor at Stag Hill, said: “This is a great move for both the university and SSTL. On completion, this will represent one of the largest cash spinouts from any UK university. “It will also allow the company to realise its full potential as a rapidly growing a leading supplier of small and micro satellites.”
Full report on the Surrey Advertiser site