Canada’s MDA moving forward on SS/Loral deal
September 24, 2012
By Chris Forrester
Canada’s MDA Corp has received another approval for its plan to buy satellite builder Space Systems/Loral. The latest stage sees MDA notified by the US Committee on Foreign Investment in the United States (“CFIUS”) that CFIUS had concluded its review of the proposed purchase of Space Systems/Loral, Inc. (“SS/L”) by a subsidiary of MDA and had determined that there are no unresolved national security concerns with respect to the transaction.
The US Department of Justice continues its review of the take-over plan.
British Colombia-based MDA Corp is best known, perhaps, for its CanadaArm remote tool that’s been used in most Space Shuttle missions.
MDA is paying $875 million in cash, plus other payments to SS/L taking the total value to SS/L to about $1.1 billion.