Maxar Technologies Stockholders Approve Acquisition by Advent International
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) (“Maxar” or the “Company”), provider of comprehensive space solutions and secure, precise, geospatial intelligence, announced that at Maxar’s Special Meeting of Stockholders (the “Special Meeting”) held earlier today, the Company’s stockholders voted to adopt the Agreement and Plan of Merger (the “merger agreement”), whereby Maxar will be acquired by Advent International (“Advent”), one of the largest and most experienced global private equity investors. Under the terms of the merger agreement, Maxar stockholders will receive $53.00 per share in cash for every share of Maxar common stock they own immediately prior to the effective time of the merger.
At the Special Meeting, approximately 99.6% of the shares voted were voted in favor of the transaction, which represented approximately 75.4% of the total outstanding shares of Maxar common stock as of March 15, 2023, the record date for the Special Meeting.
“We thank our stockholders for their strong support of this transaction,” said General Howell M. Estes, III (USAF Retired), Chair of Maxar’s Board of Directors. “We look forward to completing the transaction with Advent and marking the beginning of a new chapter for Maxar’s future.”
“As a private company, we expect to accelerate and enhance our ability to deliver the long- and short-term mission-critical technology and solutions that our customers have come to expect from Maxar,” said Dan Jablonsky, Maxar President and Chief Executive Officer. “We look forward to collaborating with Advent and continuing investments that drive customer success.”
Maxar anticipates filing the final vote results for the Special Meeting, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission. Maxar and Advent currently anticipate that the proposed transaction will close in late April or early May of 2023, subject to satisfaction or waiver of all other closing conditions, including receipt of outstanding regulatory approvals.
Advisors
J.P. Morgan Securities LLC is serving as financial advisor to Maxar and Wachtell, Lipton, Rosen & Katz is serving as lead counsel to Maxar. Milbank LLP is serving as Maxar’s legal advisor with respect to certain space industry and regulatory matters.
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are serving as financial advisors to Advent and Weil, Gotshal & Manges LLP is serving as lead counsel to Advent. Covington & Burling LLP is serving as Advent’s legal advisor with respect to certain regulatory matters.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as lead counsel to British Columbia Investment Management Corporation (“BCI”), a minority investor in the proposed transaction. Freshfields Bruckhaus Deringer LLP is serving as BCI’s legal advisor with respect to certain regulatory matters.
About Maxar
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. For more information, visit www.maxar.com.
About Advent International
Founded in 1984 and based in Boston, MA, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 405 private equity investments across 42 countries, and as of September 30, 2022, had $89 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. This includes investments in defense, security and cybersecurity as well as critical national infrastructure.
For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
