Space Imaging bought for $58.5 million

has entered into a definitive agreement to acquire the assets of

for approximately $58.5 million.

Denver, Colorado-based Space Imaging is a supplier of visual information products and services derived from space imagery.

Space Imaging launched the world's first one-metre resolution, commercial Earth imaging satellite, IKONOS, on September 24, 1999. It is a privately held company with resellers and over a dozen international affiliates and ground stations around the world and provides satellite imagery and imagery products to government and commercial customers in the US and abroad.

“Our combined resources will enhance the ability of our customers, such as the National Geospatial-Intelligence Agency, to deliver to their users high quality commercial satellite imagery and focus on their important mission, whether related to national security or disaster relief," said Matthew O’Connell, Orbimage president and CEO.

The transaction, which is subject to government regulatory approvals and other customary closing conditions, is expected to close on or before December 31, 2005.