Shareholders at Maxar Technologies (NYSE: MAXR) have approved the proposed acquisition offer by Boston-based private equity firm Advent International and both parties expect the transaction to conclude in late April or early May, pending receipt of outstanding regulatory clearances and satisfaction of other customary closing conditions.
Maxar said Wednesday about 99.6 percent of the shares voted at the stockholders’ special meeting were in favor of the merger.
In December, Advent agreed to acquire Maxar in an all-cash transaction worth approximately $6.4 billion, or $53 in cash per share. Upon the deal’s closing, the Westminster, Colorado-based satellite imagery contractor will become a private company.
“As a private company, we expect to accelerate and enhance our ability to deliver the long- and short-term mission-critical technology and solutions that our customers have come to expect from Maxar,” said Dan Jablonsky, president and CEO of Maxar and a 2023 Wash100 awardee.
J.P. Morgan Securities and Wachtell, Lipton, Rosen & Katz respectively serve as financial adviser and lead counsel to Maxar. Milbank acts as the contractor’s legal adviser with regard to regulatory and space industry matters.
Advent’s financial advisers in the transaction are Goldman Sachs & Co. and Morgan Stanley & Co. Weil, Gotshal & Manges serves as the private equity firm’s lead counsel, while Covington & Burling advises Advent with respect to certain regulatory matters.