Hexagon Purus’ aerospace business bought by SpaceX
Hexagon Purus, a leading manufacturer of zero-emission mobility and infrastructure solutions, recently divested its aerospace business, selling it to SpaceX, an American company specialising in astronautics and spaceflight owned and led by Elon Musk.
Hexagon Purus’ wholly owned subsidiary Hexagon Masterworks Inc. (“Masterworks”) signed an agreement to divest its aerospace business to Space Exploration Technologies Corp. (“SpaceX”), the Amercican astronautics and spaceflight company that Elon Musk founded and manages. The agreement covers the sale of 100% of the shares of Masterworks, which supplies high-pressure composite storage cylinders for aerospace and space launch applications in North America, and for hydrogen mobility applications. The hydrogen business is not part of the transaction perimeter, and Masterworks’ existing hydrogen customer contracts are intended to be transferred to other parts of Hexagon Purus prior to closing.
The transaction implies an enterprise value of approximately $US15.0 million, comprising a cash consideration of $US12.5 million payable at closing, and a contingent cash earn-out of $US2.5 million, subject to applicable closing conditions and customary adjustments. A requisite number of bonds under Masterwork’s 2023 and 2024 bond agreements have undertaken to approve closing of the transaction.
Hexagon Purus explains this sale by the fact that its aerospace business has reached a stage of development at which it will be best managed by an industrial company dedicated to aerospac. Besides, Hexagon Purus makes clear that it does not think the hydrogen mobility market in North America is going to grow significantly in the coming years.
“I am pleased that we have found a new home for Masterworks with an owner that views our composite cylinder expertise as world-class and intends to integrate the business into its supply chain to support its long-term growth”, says Morten Holum, CEO of Hexagon Purus. “I want to sincerely thank the Masterworks team for their dedication and hard work in developing the business to this point. While it is never easy to part with a business that has performed well, this transaction strengthens Hexagon Purus’ financial position and allows us to focus on our core strategic priorities.”
Philpott Ball & Werner, LLC acted as financial advisor and TCF Law Group, PLLC and Advokatfirmaet Schjødt acted as legal advisors to Hexagon Purus in connection with the transaction.
Cover photo: Hexagon Purus transportation cylinder H2 (source: Hexagon Purus, 2025)
