BRAMPTON, Ont. — MDA Ltd. has signed an agreement to buy the digital payload division of SatixFy Communications Ltd. in a deal valued at US$40 million.
MDA chief executive Mike Greenley says the deal for SatixFy Space Systems UK Ltd. (SSS) helps the company's strategy to invest and expand in next generation satellite technology.
Greenley says MDA and SatixFy have worked together and the acquisition is a natural next step in solidifying and strengthening the company's market position and addressing customer demand.
The deal will see the business, based in the United Kingdom, integrated into MDA UK, the company's existing subsidiary in the country.
The SSS team will also collaborate with MDA's satellite systems business in Montreal.
The agreement is subject to customary closing conditions and is expected to close in the fourth quarter of this year.
This report by The Canadian Press was first published Aug. 31, 2023.
Companies in this story: (TSX:MDA)
The Canadian Press
