WASHINGTON — The $6.4 billion acquisition of Maxar Technologies by the private equity firm Advent International remains on track to close in mid-2023 following completion of a 60-day “go shop” period when other offers could have been considered.
The agreement with Advent International was announced Dec. 16, 2022. During the 60-day “go shop” period that expired Feb. 14, Maxar and its financial advisor J.P. Morgan Securities held discussions with 36 potential buyers “but did not receive any competing acquisition proposals,” Maxar announced Feb. 15.
The acquisition still has to be officially approved by Maxar stockholders. Maxar said the deal cleared a U.S. antitrust review at the end of January.
Headquartered in Westminster, Colorado, Maxar operates four high-resolution imaging satellites and is the primary supplier of commercial satellite imagery to the U.S. government. The company also manufactures satellites in Palo Alto, California.
The completion of Advent’s acquisition in a timely manner is key to Maxar as it looks to accelerate the deployment of new satellites.
Amid growing demand for satellite imagery, Maxar has been eager to launch its new WorldView Legion high-resolution optical imaging satellites that have been in production for years and delayed by supply chain problems, the pandemic and other issues. The first two are expected to launch this year.
When the deal with Advent was announced, Maxar’s president and CEO Daniel Jablonsky said that going private would help Maxar move faster and get WorldView Legion on orbit.
The company on Feb. 14 announced an agreement to secure access to radar imaging satellites from startup Umbra.