Technicians put the final touches on the second of three Radarsat Constellation Mission satellites at the MDA facility on June 21, 2018 in Montreal. A Toronto-based investment firm has signed a $1-billion deal to buy the Canadian space technology company behind Radarsat Earth-observation satellites and the Canadarm robotic mechanisms on the International Space Station. THE CANADIAN PRESS/Ryan Remiorz

Canadian group to repatriate Canadarm company in $1-billion deal with Maxar

The group sees significant growth potential for MDA under its new ownership.

A Toronto-based investment firm has signed a $1-billion deal to buy the Canadian space technology company behind Radarsat Earth-observation satellites and the Canadarm robotic mechanisms on the International Space Station.

A consortium led by Northern Private Capital with financial backing from former BlackBerry co-chief executive Jim Balsillie will acquire all Canadian and U.K. operations of the former MacDonald, Dettwiler and Associates.

The group says MDA’s corporate headquarters will return to Canada, where it employs more than 1,900 people.

MDA’s headquarters and largest operations had been in the Vancouver area until Maxar Technologies was created to allow MDA’s acquisition of Colorado-based DigitalGlobe, a producer of high-resolution Earth-imagery products.

The deal to repatriate MDA’s Canadian operations will be financed by a number of sources including NPC, which is led by John Risley and Andrew Lapham, as well as Balsillie and Senvest Capital, Scotiabank and Bank of Montreal.

The group sees significant growth potential for MDA under its new ownership.

“As a Canadian, I am so proud this iconic Canadian company will once again be owned and controlled in Canada,” Risley said in a statement.

Northern Private Capital says the acquisition of MDA is expected to close in 2020 following regulatory approvals.

VIDEO: Eagle feather from B.C. flew to space with Canadian astronaut

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Police seize nearly 50 kilos of drugs in Surrey

Police say this has taken perhaps millions of deadly doses of fentanyl and other drugs off the streets

ICBC had 32,412 Dial-a-Claim calls from Lower Mainland

This was in a 17-day stretch from Jan. 3 to Jan. 19, inclusive

Surrey Mounties looking for two suspects in stolen credit card scam

Police said the cards were used in $28,000 in fraudulent transactions in Surrey, Burnaby and Coquitlam

Surrey’s Fruiticana, 25 years in, is growing strong

From a humble start to nurturing an 18-store business, Surrey’s Tony Singh looks to open two more this year

VIDEO: Soldiers trade rifles for snow shovels to help dig out St. John’s

A state of emergency is set to extend into a fifth day

Warm ‘blob’ could be behind mass starvation of North Pacific seabirds: study

Unprecedented death toll raises red flag for North American marine ecosystems

Convicted Fraser Valley con man facing 39 charges in Vancouver area

Donald Quinnell got four years prison in 2015, again facing fraud, theft, stolen credit card charges

Elderly man in serious condition after being hit by bus in Burnaby

RCMP believe man, 82, was not at a crosswalk at the time

ICBC to bring in ranking system for collision, glass repair shops

Change comes after the much-maligned auto insurer has faced criticism for sky-high premiums

Surrey teen recalls ‘scary experience’ of falling down Oregon mountain

Gurbaz Singh broke his leg during a 150-metre fall on Dec. 30

Man accused in Kamloops murder claims woman died during rough sex

A Fraser Valley man stands trial for first-degree murder in connection with the 2016 death of a woman

Most Read