By Senad Karaahmetovic
Private equity firm Advent International is buying Maxar Technologies (NYSE:MAXR) in an all-cash deal that values the satellite imagery business at about $4 billion.
Including debt, the transaction is valued at $6.4B. Advent agreed to pay $53 per share for each MAXR share, which represents a premium of about 129% relative to Maxar’s closing price on December 15.
“This transaction delivers immediate and certain value to our stockholders at a substantial premium,” said General Howell M. Estes, Chair of Maxar’s Board of Directors.
The agreement includes a 60-day “go-shop” period, which expires on February 14. The transaction is expected to close in mid-2023.
“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.
JPMorgan has served as a financial advisor to Maxar while Goldman Sachs and Morgan Stanley advised Advent.