MDA Space to buy Israeli satellite communication chip company SatixFy
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Hey there, time traveller!
This article was published 01/04/2025 (359 days ago), so information in it may no longer be current.
BRAMPTON, Ont. – MDA Space Ltd. has signed a deal to buy Israeli company SatixFy Communications Ltd., a maker of chips for satellite communication systems.
Under the deal, MDA Space will pay US$2.10 per share in cash and plans to retire SatixFy’s existing debt of about US$76 million immediately upon closing, for a total cash consideration of about US$269 million or C$387 million.
SatixFy brings with it more than 60 patents issued and pending, as well as staff of about 165 largely specialized technical employees around the world.
MDA Space chief executive Mike Greenley says the deal is the logical next step to reinforce the company’s technical differentiation as the global market transitions from analog to digital satellite technology.
The deal is expected to close in the third quarter of 2025, subject to customary closing conditions and required regulatory approvals.
MDA Space says the acquisition is expected to be accretive to adjusted earnings in 2027 which would represent the second full year of ownership.
This report by The Canadian Press was first published April 1, 2025.
Companies in this story: (TSX:MDA)