Maxar completes a $6.4 billion sale to private equity

Maxar Technologiesthe satellite imaging and manufacturing company, completed its $6.4 billion sale to private equity.

The company announced Wednesday that it is no longer listed on the New York Stock Exchange following the closing of an acquisition by PE firm Advent International and minority investor British Columbia Investment Management Corporation. It will shortly be delisted from the Toronto Stock Exchange.

The entities announced their merger agreement in December, stipulating that Maxar’s outstanding shares would be acquired for $53 per share in an all-cash deal.

The Westminster, Colorado-based space company is the result of a 2017 merger between DigitalGlobe and MDA Holdings Company. The company subsequently sold MDA’s assets for C$1 billion ($765 million). Maxar has had a series of ups and downs since then; It ended 2018 with a loss of $1.26 billion as the stock price bottomed out, in part due to the loss of a major imaging satellite.

But since then, the company has steadily rebounded in its share price, ending 2022 with estimated revenue of $2 billion. The company won major US government and defense contracts, including a $3.2 billion contract from the National Office of Reconnaissance last year. Most recently, Maxar was awarded a contract from the National Geospatial-Intelligence Agency worth up to $192 million over five years.