Space Tech Company Maxar Technologies Taken Private by Advent International for $6.4B
Maxar Technologies Inc., an aerospace company specializing in satellite imagery, will be acquired by private equity firm Advent International for $6.4bn.
The Boston, MA-based Advent, with $89bn in assets, agreed to acquire all outstanding shares of Maxar common stock for $53 a share in cash, which represents a premium of about 129% over Maxar’s closing stock price of $23.10 on December 15, the company’s last full trading day as a public company.
Advent has arranged debt and equity financing commitments to realize the deal, with funds advised by Advent committing $3.1bn in equity and British Columbia Investment Management Corp. providing $1bn.
The transaction is expected to close in the middle of 2023 but is subject to a “go-shop” period of 60 days, when the Westminster, CO-based company can entertain other offers.
Maxar, with an estimated $2bn in revenue this year, will remain a US-controlled and operated company. The company is the US government’s primary supplier of satellite imagery. In May, the company secured a $3.2bn agreement with the National Reconnaissance Office to provide imagery over the next 10 years.
