Long Beach-based rocket launch provider Rocket Lab said late Monday that it has acquired Planetary Systems Corporation (PSC), a Maryland-based company developing spacecraft separation systems. According to Rocket Lab, it will pay $42M in cash and 1,720,841 shares of its common stock, plus up to 956,023 shares of its common stock based on performance earnouts for Planetary Systems. Rocket Labs says it has been using PSC’s products on its Electron rocket. PSC will continue to be led by President and CEO Mike Whalen, and will continue to be based in Maryland. Rocket Lab said that PSC’s founder Walter Holemans also remains as Chief Engineer.