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Advent以约40亿美元收购卫星运营商Maxar Technologies
Advent已承诺为该交易提供31亿美元的股权融资，不列颠哥伦比亚省投资管理公司(British Columbia Investment Management Corporation)将出资10亿美元。
文/ Tiyashi Datta, Akash Sriram, David Carnevali
私募股权公司随着国际周五同意收购卫星运营商Maxar技术约40亿美元。
包括债务在内，这笔交易的价值为64亿美元，是近几个月来最大的杠杆收购之一，目前充满挑战的融资环境使得支持涉及私募股权公司的收购越来越困难。
Advent已承诺为该交易提供31亿美元的股权融资，不列颠哥伦比亚省投资管理公司(British Columbia Investment Management Corporation)将出资10亿美元。
Advent的出价是每股53美元，较Maxar最后一次收盘价溢价近129%。下午早些时候，Maxar的股价上涨了约122%。
据一位知情人士透露，Maxar和Advent在达成交易之前曾进行过谈判，因为该公司没有启动正式的出售程序。该消息人士称，Advent在春末与该公司接洽，探讨交易事宜，谈判于秋季启动。
Maxar公司位于科罗拉多州的威斯敏斯特市，拥有90多颗在轨卫星，为美国政府、国际通信卫星组织(Intelsat)和SiriusXM等客户提供通信、图像和数据。最近几个月，Maxar提供了乌克兰战争的高分辨率卫星图像等。
该公司还参与了美国国家航空航天局重返月球的阿尔忒弥斯计划。
国防开支
在过去三年里，Advent在国防、安全和网络安全方面投资了近280亿美元，其投资组合中的公司支持许多卫星和国防平台，并为美国政府及其盟友服务。
该交易预计将于2023年中期完成。该协议还包括60天的“实地考察”期。
Canaccord Genuity分析师Austin Moeller称，"可能会有雷神或L3Harris等主要(国防承包商)愿意在采购阶段再次出价。"
他补充称，战略买家可能会面临美国联邦贸易委员会(Federal Trade Commission)严格的反垄断审查，这使得Maxar更有可能最终由私募股权公司收购。
今年2月,洛克希德·马丁公司终止了收购Aerojet Rocketdyne的交易联邦贸易委员会阻止收购。
Maxar的历史可以追溯到20世纪50年代，今年迄今为止，它的市值已经下跌了约20%，而其他公司的市值则下跌了50%以上卫星图像Satellogic公司和Spire Global公司等通过与空头支票公司合并上市的公司。
摩根大通证券有限责任公司和Wachtell, Lipton, Rosen & Katz为Maxar提供咨询服务。高盛、摩根士丹利和Weil, Gotshal & Manges LLP是Advent的顾问。
私募股权公司随着国际周五同意收购卫星运营商Maxar技术约40亿美元。
包括债务在内，这笔交易的价值为64亿美元，是近几个月来最大的杠杆收购之一，目前充满挑战的融资环境使得支持涉及私募股权公司的收购越来越困难。
Advent已承诺为该交易提供31亿美元的股权融资，不列颠哥伦比亚省投资管理公司(British Columbia Investment Management Corporation)将出资10亿美元。
据一位知情人士透露，Maxar和Advent在达成交易之前曾进行过谈判，因为该公司没有启动正式的出售程序。该消息人士称，Advent在春末与该公司接洽，探讨交易事宜，谈判于秋季启动。
Maxar公司位于科罗拉多州的威斯敏斯特市，拥有90多颗在轨卫星，为美国政府、国际通信卫星组织(Intelsat)和SiriusXM等客户提供通信、图像和数据。最近几个月，Maxar提供了乌克兰战争的高分辨率卫星图像等。
该公司还参与了美国国家航空航天局重返月球的阿尔忒弥斯计划。
国防开支
在过去三年里，Advent在国防、安全和网络安全方面投资了近280亿美元，其投资组合中的公司支持许多卫星和国防平台，并为美国政府及其盟友服务。
该交易预计将于2023年中期完成。该协议还包括60天的“实地考察”期。
Canaccord Genuity分析师Austin Moeller称，"可能会有雷神或L3Harris等主要(国防承包商)愿意在采购阶段再次出价。"
今年2月,洛克希德·马丁公司终止了收购Aerojet Rocketdyne的交易联邦贸易委员会阻止收购。
Maxar的历史可以追溯到20世纪50年代，今年迄今为止，它的市值已经下跌了约20%，而其他公司的市值则下跌了50%以上卫星图像Satellogic公司和Spire Global公司等通过与空头支票公司合并上市的公司。
摩根大通证券有限责任公司和Wachtell, Lipton, Rosen & Katz为Maxar提供咨询服务。高盛、摩根士丹利和Weil, Gotshal & Manges LLP是Advent的顾问。
By Tiyashi Datta, Akash Sriram and David Carnevali
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Private equity firm Advent International<\/a> on Friday agreed to buy satellite operator Maxar Technologies<\/a> Inc for about $4 billion.
Including debt, the deal is valued at $6.4 billion, marking one of the largest leveraged buyouts in recent months, amid a challenging financing environment that has made it increasingly difficult to back acquisitions involving private equity firms.
Advent has committed to provide $3.1 billion of equity financing for the deal, while the British Columbia Investment Management Corporation is putting up $1 billion.
<\/strong>
Private equity firm Advent International<\/a> on Friday agreed to buy satellite operator Maxar Technologies<\/a> Inc for about $4 billion.
Including debt, the deal is valued at $6.4 billion, marking one of the largest leveraged buyouts in recent months, amid a challenging financing environment that has made it increasingly difficult to back acquisitions involving private equity firms.
Advent has committed to provide $3.1 billion of equity financing for the deal, while the British Columbia Investment Management Corporation is putting up $1 billion.
<\/div><\/div>Advent has offered $53 per Maxar share held, a premium of nearly 129% to the stock's last closing price. Maxar's shares were up about 122% in early-afternoon trading.
Maxar and Advent were in negotiations before agreeing to a deal as the company did not run a formal sale process, according to a source familiar with the matter. Advent approached the company in late spring to explore a transaction and negotiations kicked-off in the fall, the source said.
Westminster, Colorado-based Maxar has more than 90 satellites in orbit that provide communications, imagery and data to customers, including the U.S government, Intelsat and SiriusXM. In recent months, Maxar has provided high-resolution satellite images of the Ukraine war, among other things.
The company is also involved with NASA<\/a>'s Artemis program to return to the moon.
DEFENSE SPENDING
<\/strong>
Advent has invested nearly $28 billion in defense, security and cybersecurity in the last three years, with its portfolio of companies supporting many satellite and defense platforms and serving the U.S. government and its allies.
The deal is expected to close in mid-2023. The agreement also includes a 60-day \"go-shop\" period.
\"There may be a defense prime (contractor) such as Raytheon or L3Harris that would be willing to put in another bid in the go-shop period,\" said Austin Moeller, an analyst at Canaccord Genuity.
Maxar and Advent were in negotiations before agreeing to a deal as the company did not run a formal sale process, according to a source familiar with the matter. Advent approached the company in late spring to explore a transaction and negotiations kicked-off in the fall, the source said.
Westminster, Colorado-based Maxar has more than 90 satellites in orbit that provide communications, imagery and data to customers, including the U.S government, Intelsat and SiriusXM. In recent months, Maxar has provided high-resolution satellite images of the Ukraine war, among other things.
The company is also involved with NASA<\/a>'s Artemis program to return to the moon.
DEFENSE SPENDING
<\/strong>
Advent has invested nearly $28 billion in defense, security and cybersecurity in the last three years, with its portfolio of companies supporting many satellite and defense platforms and serving the U.S. government and its allies.
The deal is expected to close in mid-2023. The agreement also includes a 60-day \"go-shop\" period.
\"There may be a defense prime (contractor) such as Raytheon or L3Harris that would be willing to put in another bid in the go-shop period,\" said Austin Moeller, an analyst at Canaccord Genuity.
<\/div><\/div>He added that a strategic buyer would likely face a tough antitrust review from the U.S. Federal Trade Commission, making it more likely for Maxar to end up with a private equity firm buyer.
In February, Lockheed Martin<\/a> terminated its deal to acquire Aerojet Rocketdyne following a lawsuit by the FTC<\/a> to block the acquisition.
Maxar, whose history can be traced back to the 1950s, has lost about 20% in market value so far this year, compared with losses of more than 50% for other satellite imagery<\/a> companies, such as Satellogic Inc and Spire Global Inc, that went public through mergers with blank-check firms.
J.P. Morgan Securities LLC and Wachtell, Lipton, Rosen & Katz advised Maxar. Goldman Sachs & Co LLC, Morgan Stanley & Co LLC and Weil, Gotshal & Manges LLP advised Advent.
<\/div><\/div>
In February, Lockheed Martin<\/a> terminated its deal to acquire Aerojet Rocketdyne following a lawsuit by the FTC<\/a> to block the acquisition.
Maxar, whose history can be traced back to the 1950s, has lost about 20% in market value so far this year, compared with losses of more than 50% for other satellite imagery<\/a> companies, such as Satellogic Inc and Spire Global Inc, that went public through mergers with blank-check firms.
J.P. Morgan Securities LLC and Wachtell, Lipton, Rosen & Katz advised Maxar. Goldman Sachs & Co LLC, Morgan Stanley & Co LLC and Weil, Gotshal & Manges LLP advised Advent.
<\/div><\/div>
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