TORONTO (Pakistan Point News / Sputnik - 31st December, 2019) A Canadian consortium in a press release on Monday announced that it will acquire and repatriate Canadarm manufacturer MDA for more than $760 million.
"A consortium led by Northern Private Capital (NPC), a Toronto-based investment firm led by John Risley and Andrew Lapham, announced today it has signed a definitive agreement to acquire MDA from Maxar Technologies for CAD $1 billion [USD $765 million]. Upon closing, MDA's corporate headquarters will return to Canada," the release said.
Canadarm is a series of robotic arms that played a vital role in the assembly and repair of the International Space Station (ISS) and served NASA's Shuttle Program for 30 years, according to MDA.
As part of the definitive agreement NPC will acquire all of MDA's operations in Canada and the UK, including ground stations, radar satellite products, robotics, defense, and satellite components. MDA employs 1,900 employees, who will relocate to Canada once the deal is approved.
In 2017, MDA merged with US-based satellite imagery firm DigitalGlobe and rebranded itself as Maxar Technologies, moving its headquarters to Colorado in the process.
Since its inception in 1969, MDA become a leading Canadian defense contractor and has developed a number of space robotics products, including the Canadarm and three generations of RADARSAT Earth observation satellites for the Canadian government.
