Advent International Corp. agreed to buy satellite owner and weather forecaster Maxar Technologies Inc. in a deal that values the company at about $4 billion.
(Bloomberg) — Advent International Corp. agreed to buy satellite owner and weather forecaster Maxar Technologies Inc. in a deal that values the company at about $4 billion.
Private equity firm Advent will pay $53 per share for Maxar, the companies said Friday. Maxar shares more than doubled in pre-market trading to $49.75 after closing at $23.10 on Thursday.
Maxar’s share price sagged this year as the company missed earnings targets and revised its 2022 projections lower. Advent said it would prioritize Maxar’s work with the U.S. defense and intelligence agencies.
The transaction is worth a total of $6.4 billion including debt.
Maxar, which is based in Westminster, Colorado, operates satellites that can collect detailed images from space. Its technology is used for geospatial intelligence and defense and also powers Google Maps, according to The Wall Street Journal, which reported on the deal earlier.
“Maxar is a uniquely positioned and attractive asset in satellite manufacturing and space-based high-resolution imagery,” said Shonnel Malani, global head of Advent’s aerospace and defense team, in a statement.
(Updates with Advant executive comment)
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