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Space company Maxar announced an agreement to go private on Friday in an acquisition led by private equity firm Advent International.
The deal gives Maxar a value of $6.4 billion. Advent will take a $3.1 billion stake in the space company, with British Columbia Investment Management Corporation making a $1 billion equity contribution.
"This announcement is an exceptional outcome for Space company Maxar announced an agreement to go private on Friday in an acquisition led by private equity firm Advent International.
The deal gives Maxar a value of $6.4 billion. Advent will take a $3.1 billion stake in the space company, with British Columbia Investment Management Corporation making a $1 billion equity contribution.
"This 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," said Daniel Jablonsky, president and 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."
Maxar shares closed at $23.10 on Thursday. The agreement with Advent at $53 represents a nearly 130% increase.
"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 United States and its allies around the world," said David Mussafer, chairman and managing partner of Advent.
Maxar's agreement with Advent is a 60-day "go-shop period," which means the company has until Feb. 14 to consider other offers.
Source: United Press International
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