Maxar completes $6.4B sale to private equity
Maxar Technologies, the satellite imaging and manufacturing company, has completed its $6.4 billion sale to private equity.
The company announced on Wednesday that it was no longer listed on the New York Stock Exchange following the closing of the acquisition by PE firm Advent International and minority investor British Columbia Investment Management Corporation. It will shortly be delisted from the Toronto Stock Exchange.
The entities announced their merger agreement in December, stipulating that outstanding Maxar shares would be acquired for $53 per share in an all-cash deal.
The Westminster, Colorado-based space company is the result of a 2017 merger between DigitalGlobe and MDA Holdings Company. The company later sold MDA’s assets for $1 billion CAD ($765 million). Maxar has had a series of highs and lows since then; it concluded 2018 with a $1.26 billion loss due to a bottomed-out stock price, in part due to the loss of a major imaging satellite.
But since then, the company has steadily recovered its stock price, ending 2022 with an estimated $2 billion in revenue. The company has scored major contracts from the U.S. government and defense, including a $3.2 billion contract from the National Reconnaissance Office last year. More recently, Maxar landed a contract from the National Geospatial-Intelligence Agency worth up to $192 million over five years.