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This tech stock more than doubled on Friday: here’s the catalyst

Shares of Maxar Technologies Inc (NYSE: MAXR) more than doubled this morning after Advent International said it will buy the space technology company for $6.40 billion.

Maxar stock getting a huge premium

The private equity firm is willing to pay $53 for each share of Maxar Technologies – about a 130% premium on its previous close.

The all-cash agreement is expected to complete in the first half of 2023, upon which, Maxar will cease to be a publicly listed company. In the press release, its Chairman of the Board – General Howell M. Estes, III said:

This transaction delivers immediate and certain value to our stockholders at a substantial premium while accelerating the Company’s ability to deliver its mission-critical tech and solutions to customers over the near and long term.

This proposal values the Maxar stock just above the high it recorded in February of 2021.

Maxar has a 60-day go-shop period

The proposed transaction is subject customary closing conditions, including regulatory and shareholders’ approval. Maxar Technologies has 60 days to look for a better offer as well. According to CEO Daniel Jablonsky:

As a private company, we’ll have enhanced flexibility and additional resources to build on Maxar’s strong foundation, further scale operations and capture the significant opportunities in a rapidly expanding market.

The stock market news arrives over a month after the geospatial intelligence and space solutions company reported weaker than expected results for its third financial quarter.

Following the acquisition, Maxar will keep the brand name and its headquarters in Westminster, Colorado.

The post This tech stock more than doubled on Friday: here’s the catalyst appeared first on Invezz.

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