Maxar (NYSE: MAXR), a space imagery and infrastructure company, announced it will be acquired by private equity firm Advent International for USD6.4 Billion in an all-cash deal. Amid the agreement, Maxar will go private.
“This transaction delivers immediate and certain value to our stockholders at a substantial premium,” said General Howell M. Estes, III (USAF Retired), Chair of Maxar’s Board of Directors. “Maxar’s mission has never been more important, and this transaction allows us to maximize value for stockholders while accelerating the Company’s ability to deliver its mission-critical technology and solutions to customers over the near and long term.”
Advent will acquire all outstanding shares of Maxar common stock for USD53 per share, more than double the company’s stock price of USD23.10 a share on December 15, its last full day of trading. The acquisition is expected to be finalized in mid-2023.
“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,” said 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.”
Nevertheless, an important factor of Maxar’s agreement with Advent is a 60-day “go-shop period,” ending on Feb. 14, for the company to be able to take into consideration other proposals.