Benzinga | Sep 30, 2021 04:00PM EDT

Raven Industries Acquires Intellectual Property From Alphabet's Loon For Undisclosed Sum

* Raven Industries, Inc's (NASDAQ:RAVN) Raven Aerostar has acquired intellectual property (IP) and patents from Loon, LLC, a subsidiary of Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and the developer of an autonomous constellation of high-altitude balloons for communications.

* The financial terms of the asset acquisition, which was completed in May 2021, were not disclosed.

* The 176 assets acquired by Raven are directly related to stratospheric balloon technology, including balloon navigation, launching operations, and balloon manufacturing.

* Raven Industries held cash and cash equivalents of $13.1 million as of July 31, 2021.

* Price Action: RAVN shares are trading higher by 0.02% a $57.6 on the last check Thursday.