Maxar Technologies Inc. (MAXR), a space technology firm, said on Friday that it has entered into a definitive deal to be acquired by Advent International, a private equity investor, for around $6.4 billion in cash.
According to the deal, expected to be closed mid-2023, Advent has agreed to buy all shares of Maxar for $53 per share in cash. This is a premium of around 129 percent over Maxar's closing share price of $23.10 on December 15.
Post transaction, Maxar will remain a U.S.-controlled and operated company.
General Howell M. Estes, III (USAF Retired), Chair of Maxar's Board, said: "This transaction delivers immediate and certain value to our stockholders at a substantial premium…"
Advent has arranged debt and equity financing commitments to finance the acquisition.
Funds advised by Advent have committed an aggregate equity contribution of $3.1 billion. British Columbia Investment Management Corporation is also providing a minority equity investment through a total equity contribution equal to $1 billion.
The agreement includes a 60-day "go-shop" period expiring on February 14, 2023.
MAXR is trading up by 122.29 percent at $51.35 per share in pre-market on the New York Stock Exchange.
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