Shares of Maxar Technologies, a satellite operator that powers Google Maps, increased by 122% in US trading on Friday after private equity manager Advent International attempted an acquisition bid.
NEW YORK (Pakistan Point News / Sputnik - 16th December, 2022) Shares of Maxar Technologies, a satellite operator that powers Google Maps, increased by 122% in US trading on Friday after private equity manager Advent International attempted an acquisition bid.
Advent will pay $53 for each share of Maxar, amounting to about $4 billion in total, the companies told the New York Stock Exchange. Maxar traded at just under $51.50 at 11:53 a.m. ET (16:53 GMT), up 122% on the day.
Maxar Managing Director Shonnel Malani said in comments carried by US media that this is a growth story for the company. Investments in defense-related aerospatial work have been relatively underappreciated by the public markets, Malani added.
Maxar owns and operates a constellation of satellites that enables it to collect detailed images from space, including photos of the conflict in Ukraine. The company's technology is used for geospatial intelligence and forms the backbone of Google Maps.
The company has said it employs some 4,400 people, has 90 satellites in orbit and conducts business with 70 countries around the world. Aside from New York, Maxar's shares also trade on the Toronto Stock Exchange.
Boston-based Advent has made more than 400 private-equity investments across 41 countries. Founded in 1984, the firm has $89 billion in assets under management as of September 30, with $25 billion raised this year.
Over the last three years, Advent has also invested $28 billion in defense, security and cybersecurity. Its portfolio includes companies such as Cobham Advanced Electronics Solutions and Ultra Electronics Group, both of which work closely with the US Defense Department.
