The Sea Launch Commander Ship. Photo: Sea Launch.

S7 Group, the holding company that owns Russia’s S7 Airlines, has finally closed the transaction on its $109 million purchase of Sea Launch assets from RSC Energia. The two corporations first signed the purchase agreement in late 2016.

As part of the deal, S7 Group will take control of the Sea Launch Commander ship and the Odyssey floating launch platform. Sea Launch will also be renamed to SL Aerospace.

According to Russian media outlet RT, S7 intends to eventually conduct ocean-based satellite launches with a new vehicle called Soyuz 5. The rocket’s design allegedly takes notes from SpaceX’s Falcon 9 and Heavy, including a reusable first stage and modular multiple engine boosters for a heavy lift variant.