BY Fraser Tennant
In a transaction that takes the space technology company private, Maxar Technologies is to be acquired by global private equity (PE) firm Advent International for approximately $6.4bn.
Under the terms of the definitive agreement, which has been unanimously approved by Maxar’s board of directors, Maxar stockholders will receive $53 in cash for each share of common stock they own.
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 its portfolio of solutions.
“Advent has a proven record of strengthening its portfolio companies and a desire to support Maxar in advancing our long-term strategic objectives,” said Daniel Jablonsky, president and chief executive of Maxar. “As a private company, we will have enhanced flexibility and additional resources to build on our strong foundations, further scale operations and capture significant opportunities in a rapidly expanding market.”
Headquartered in the US, Advent has a demonstrable track record as a responsible owner of defence and security businesses. Following the close of the transaction, Maxar will remain a US-controlled and operated company.
“We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the US and its allies around the world,” said David Mussafer, chairman and managing partner of Advent. “We will prioritise Maxar’s commitment as a core provider to the US defence and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programmes of its government and commercial customers.”
The transaction is expected to close mid-2023, subject to customary closing conditions, including approval by Maxar stockholders and receipt of regulatory approvals.
Mr Jablonsky concluded: “This transaction 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.”
News: Advent to buy satellite operator Maxar Technologies for about $4 billion