M&A · Tech · Radio & Tv Broadcasting & Communications Equipment
Advent International Corporation to acquire Maxar Technologies Inc.
Announced Dec 16, 2022 · Closed May 3, 2023
Deal value$6.40BEV $6.40B
Premium129.0%To unaffected price
EV / Adj. EBITDA13.6x3.7x EV / Revenue
ConsiderationAll cash$53.00 per share
Transaction
- Acquirer
- Advent International Corporation
- Target
- Maxar Technologies Inc.
- Buyer type
- Private equity
- Offer price per share
- $53.00
- Enterprise value
- $6.40B
- Status
- Closed May 3, 2023
Deal protections
- Break fee (target pays)
- $125M · 1.9%
- Reverse fee (buyer pays)
- $249M · 3.9%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs, Morgan Stanley
- To the target
- JPMorgan
Sector context · Tech
- Comparable deals
- 75 in the prior 24 months
- Premium
- 129.0% vs. 35.0% sector median
- EV / Adj. EBITDA
- 13.6x vs. 17.2x sector median
- Break fee
- 1.9% vs. 3.0% sector median
Timeline
- AnnouncedDec 16, 2022
- Proxy filedJan 31, 2023
- Definitive proxyMar 16, 2023
- Shareholder voteApr 19, 2023
- ClosedMay 3, 2023
Valuation · fairness opinions
Precedent transactions$24.00$47.50
Trading comparables$28.00$51.50
Trading comparables$52.50$86.00
Trading comparables$25.00$47.00
Discounted cash flow$47.25$81.75
Offer $53.00
Implied value per Maxar Technologies Inc. share by analysis, from JPMorgan · DCF discount rate 9%–11%.