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Feb 24, 2017

MacDonald Dettwiler to buy satellite imagery firm DigitalGlobe for $3.1 billion

$3.1B space takeover: MDA to acquire DigitalGlobe

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MacDonald Dettwiler and Associates Ltd (MDA.TO) said on Friday it had agreed to buy U.S.-based satellite imagery provider DigitalGlobe Inc (DGI.N) for about $3.10 billion to strengthen its position in the U.S. market.

Under the deal, MacDonald Dettwiler and Associates will offer $17.50 in cash and 0.3132 of its shares for each DigitalGlobe share held.

The deal also involves the assumption of DigitalGlobe's $1.60 billion net debt.

MDA’s CEO told BNN that he has spoken to officials on both sides of the border to gauge the likelihood of the deal’s approval.

“I’ve absolutely had detailed conversations with multiple ministries in Canada to explain the logic behind this merger and the benefits we think it’s going to bring to Canada, to our government customers through additional economic growth and job creation,” Howard Lance told BNN on Friday.

“We remain very, very committed to our Canada heritage and our base.”

MDA buys satellite imagery firm DigitalGlobe for $3.1B

MacDonald Dettwiler and Associates said Friday it agreed to buy satellite imagery firm DigitalGlobe for $3.1 billion. BNN’s Jameson Berkow has the details.

“At the same time we’ve had a number of conversations prior to announcing with the U.S. administration and our U.S. government customers,” he added.

“At this point the feedback has been very, very positive. I think both sides understand that this can be a win-win scenario. What we want to do is to make sure we bring together the companies and offer the latest and best solutions for those government needs as well as for our global commercial customers.”

MDA's technology, used in large and small satellites and ground stations, will help enhance DigitalGlobe's services, which will help the combined company to extend its lead in providing satellites and Earth imagery to the U.S markets.

As part of the transaction, which is expected to close in the second half of 2017, MDA will apply to list its shares on the New York Stock Exchange in addition to its current listing on the Toronto Stock Exchange.

DigitalGlobe's services are used by companies such Facebook Inc (FB.O), Uber Technologies Inc and U.S. defense contractor Harris Corp (HRS.N).

BofA Merrill Lynch is the financial adviser to MDA, while PJT Partners and Barclays are serving as advisers to DigitalGolbe. 

- with files from BNN