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Maxar to sell MDA
Posted: Tue, Dec 31, 2019, 1:44 PM ET (1844 GMT)
Maxar Technologies is selling its Canadian subsidiary for C$1 billion (US$765 million). Maxar announced Monday it will sell MDA to a consortium of private equity firms led by Northern Private Capital, turning MDA into a standalone Canadian company. The deal is pending regulatory approvals in the United States and Canada. The sale will help Maxar reduce its heavy debt load, and the company says the reduced revenues and earnings resulting from selling MDA will be partially offset by growth in other parts of the company as well as by reduced interest payments on its debt. MDA was founded 50 years ago as a Canadian company, but earlier this decade became a much larger American company through the acquisition of SSL and merger with DigitalGlobe, creating Maxar.
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