Maxar Technologies (NYSE: MAXR) shares surged premarket Friday after the company announced it has entered into a deal to be acquired by Advent International.
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Maxar shares have skyrocketed over 122% on the news to $51.30 per share.
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The all-cash transaction values Maxar, a provider of space solutions and geospatial intelligence, at approximately $6.4 billion. Advent is an experienced global private equity investment firm headquartered in the United States.
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The deal will see Advent acquire all outstanding shares of Maxar for $53 per share in cash, representing a premium of approximately 129% over Maxar’s closing stock price of $23.10 on December 15, the last full trading day before the announcement.
Advent has invested approximately $28 billion across the defense, security, and cybersecurity sectors in the last three years, with its portfolio companies having expertise supporting many satellite and defense platforms.
“Today’s 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,” commented 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.”
“In our view, Maxar is a uniquely positioned and attractive asset in satellite manufacturing and space-based high-resolution imagery, with an incredible workforce and many opportunities ahead,” said
Shonnel Malani, Managing Director and global head of Advent’s aerospace and defense team, said Maxar is a “uniquely positioned and attractive asset in satellite manufacturing and space-based high-resolution imagery, with an incredible workforce and many opportunities ahead.”
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