A consortium of investors led by Toronto-based private investment firm Northern Private Capital has closed its acquisition of MDA from Maxar Technologies (NYSE: MAXR) for approximately $765M.
“The closing of the MDA transaction concludes the near-term reshaping of our balance sheet and business portfolio,” Maxar CEO Dan Jablonsky said in a statement published Wednesday.
“Going forward, our growth strategy remains focused on providing leading capabilities in Earth Intelligence and Space Infrastructure, including geospatial data, data analytics and spacecraft and robotics that are well aligned with the strategic priorities of our government and commercial customers,” Jablonsky added.
Maxar expects net proceeds to be worth about $729M and will use it to reduce debt. The Westminster, Colo.-based company noted that it has activated its crisis response plan amid the COVID-19 pandemic and continues to deliver essential support services to U.S. agencies, allied governments and commercial firms through its multiyear contracts in space infrastructure and Earth intelligence areas.
Mike Greenley, formerly group president of the MDA business unit at MAXAR, has been appointed as CEO of MDA, which will operate as an independent company based in Canada.
Established in 1969, MDA has over 1.9K employees and provides space systems and components to prime contractors and government agencies worldwide. Its technologies include the Canadarm family of space robotics and RADARSAT Earth observation satellites.
