Colorado-based space defense and infrastructure company Maxar Technologies is set to be acquired by Advent International.
The definitive merger agreement was announced on Friday, and the deal is valued at approximately $6.4 billion. Under the terms of the acquisition, Advent will purchase outstanding Maxar shares for $53 each.
“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,” Howell M. Estes III, a retired U.S. airforce general and chair of Maxar’s board of directors, said in a statement.
Maxar works with government and commercial clients to provide space solutions, such as navigation and broadband communications. Its solutions are meant to be used to explore space. Headquartered in Westminster, Maxar employs 4,400 team members and has 20 global locations.
Advent, the investment portfolio company acquiring Maxar, has completed 220 acquisitions, according to Crunchbase.
With this latest acquisition, Maxar will accelerate its satellite technologies and data insights. According to a release by Maxar, Advent has over $28 billion invested in other defense, security and cybersecurity companies with experience in satellite and defense platforms.
“We will prioritize Maxar’s commitment as a core provider to the U.S. defense and intelligence communities and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers,” David Mussafer, chairman and managing partner of Advent, said in a statement.
Built In last caught up with Maxar in 2020, when the company landed a $142 million contract with NASA.
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