Advent acquires Maxar Technologies
December 21, 2022
By Chris Forrester
Satellite builder Maxar Technologies is being acquired by Advent International. Advent is paying $53 (€49.90) per share in cash and a total of $6.4 billion for the business. Upon closing the business will then be taken private.
Private equity investor Advent is paying a 129 per cent premium over Maxar’s closing price on December 15th. The pair say that the deal will support Maxar to accelerate investment in and development of the Company’s next-generation satellite technologies and data insights for its customers.
Maxar will remain US controlled. The transaction is expected to close mid-2023.
Following the closing of the transaction, Maxar says it will benefit from the “significant resources, operational expertise and capacity for investment provided by Advent. As a private company, Maxar will be able to accelerate investments in next-generation satellite technologies and data insights that are vital to the Company’s government and commercial customers, as well as pursue select, strategic M&A to further enhance the Company’s portfolio of solutions. This includes supporting the successful delivery of the new Legion satellite constellation, accelerating the launch of Legion 7 and 8 satellites and further growing the Earth Intelligence and Space Infrastructure businesses through investments in next-generation capabilities, such as advanced machine learning and 3D mapping.”
“Today’s announcement is an exceptional outcome for stockholders and is a testament to the hard work and dedication of our team, the value Maxar has created and the reputation we have built in our industry,” commented Daniel Jablonsky, President/CEO of Maxar. “Advent has a proven record of strengthening its portfolio companies and a desire to support Maxar in advancing our long-term strategic objectives. As a private company, we will have enhanced flexibility and additional resources to build on Maxar’s strong foundation, further scale operations and capture the significant opportunities in a rapidly expanding market.”