MDA didn’t waste any time in completing the acquisition of the SatixFy Communications Ltd. digital payload division.
MDA announced the acquisition on August 31 and two months later had completed the deal. All deals take time to close but in getting this deal within two months shows the commitment on both sides to make it happen smoothly.
And even though the markets have had a rough ride this year with the S&P/TSX Composite Index up 0.5% year to date, MDA’s stock is up 87% in the same period.
In a press release MDA said, “The newly acquired division, based in the United Kingdom, will be integrated into MDA UK, the company’s existing UK subsidiary. The acquisition accelerates MDA’s market expansion in the UK and adds strategic in-country capability to produce satellite payloads. In addition, the SSS team will collaborate closely with MDA’s Satellite Systems business in Montreal to advance its new digital satellite product offering, adding complementary digital payload expertise and capacity.”
At the time the deal was announced MDA said this latest move would “further strengthen MDA’s global leadership position in the growing market for digital satellite communications solutions.”
Mike Greenley, CEO of MDA said of the deals completion, “We are thrilled to officially welcome the SSS team into MDA. This acquisition bolsters MDA’s digital satellite capabilities and advances our satellite systems strategy as we continue to invest and expand in next generation satellite technology and talent to meet growing customer demand.”
MDA will announce its third quarter earnings before the market opens on Wednesday, November 8, 2023.