MDA SPACE TO ACQUIRE SATIXFY COMMUNICATIONS
MDA Space has announced the acquisition of SatixFy Communications (NYSE: SATX) in an all-cash transaction valued at US$2.10 per share, representing a total equity value of approximately US$193 million. The deal includes retiring SatixFy's existing debt of US$76 million, bringing the total transaction value to US$269 million.
Founded in 2012, SatixFy is a semiconductor supplier specializing in satellite communications technology, with over 60 patents and 165 technical employees globally. The company has invested approximately US$270 million in R&D to date. The acquisition aims to enhance MDA Space's end-to-end satellite systems offering as digital satellite communications demand grows.
The transaction, expected to close in Q3 2025, includes a 45-day go-shop period until May 16, 2025. It has received unanimous board approval and support from shareholders holding approximately 57% of SatixFy's shares. The deal is projected to be accretive to MDA Space's adjusted earnings by 2027.
MDA Space ha annunciato l'acquisizione di SatixFy Communications (NYSE: SATX) in una transazione completamente in contante valutata a 2,10 USD per azione, che rappresenta un valore totale del capitale di circa 193 milioni di USD. L'accordo include il ritiro del debito esistente di SatixFy di 76 milioni di USD, portando il valore totale della transazione a 269 milioni di USD.
Fondata nel 2012, SatixFy è un fornitore di semiconduttori specializzato nella tecnologia delle comunicazioni satellitari, con oltre 60 brevetti e 165 dipendenti tecnici a livello globale. L'azienda ha investito circa 270 milioni di USD in ricerca e sviluppo fino ad oggi. L'acquisizione mira a migliorare l'offerta di sistemi satellitari end-to-end di MDA Space, poiché cresce la domanda di comunicazioni satellitari digitali.
La transazione, che si prevede si concluderà nel terzo trimestre del 2025, include un periodo di 45 giorni per la ricerca di offerte alternative fino al 16 maggio 2025. Ha ricevuto l'approvazione unanime del consiglio e il supporto degli azionisti che detengono circa il 57% delle azioni di SatixFy. Si prevede che l'accordo sia accretivo agli utili rettificati di MDA Space entro il 2027.
MDA Space ha anunciado la adquisición de SatixFy Communications (NYSE: SATX) en una transacción completamente en efectivo valorada en 2.10 USD por acción, lo que representa un valor total de capital de aproximadamente 193 millones de USD. El acuerdo incluye la cancelación de la deuda existente de SatixFy de 76 millones de USD, elevando el valor total de la transacción a 269 millones de USD.
Fundada en 2012, SatixFy es un proveedor de semiconductores especializado en tecnología de comunicaciones por satélite, con más de 60 patentes y 165 empleados técnicos a nivel mundial. La empresa ha invertido aproximadamente 270 millones de USD en I+D hasta la fecha. La adquisición tiene como objetivo mejorar la oferta de sistemas satelitales de extremo a extremo de MDA Space a medida que crece la demanda de comunicaciones satelitales digitales.
Se espera que la transacción se cierre en el tercer trimestre de 2025 e incluye un período de 45 días para buscar ofertas alternativas hasta el 16 de mayo de 2025. Ha recibido la aprobación unánime de la junta y el apoyo de los accionistas que poseen aproximadamente el 57% de las acciones de SatixFy. Se proyecta que el acuerdo sea accretivo a las ganancias ajustadas de MDA Space para 2027.
MDA Space는 SatixFy Communications (NYSE: SATX)를 주당 2.10달러에 전액 현금 거래로 인수한다고 발표했습니다. 이는 약 1억 9300만 달러의 총 자본 가치를 나타냅니다. 이 거래에는 SatixFy의 기존 부채 7600만 달러를 상환하는 것이 포함되어 있으며, 총 거래 가치는 2억 6900만 달러에 달합니다.
2012년에 설립된 SatixFy는 위성 통신 기술을 전문으로 하는 반도체 공급업체로, 전 세계적으로 60개 이상의 특허와 165명의 기술 직원을 보유하고 있습니다. 이 회사는 현재까지 약 2억 7000만 달러를 연구 개발에 투자했습니다. 이번 인수는 디지털 위성 통신 수요가 증가함에 따라 MDA Space의 종합 위성 시스템 제공을 강화하는 것을 목표로 하고 있습니다.
이번 거래는 2025년 3분기에 마무리될 것으로 예상되며, 2025년 5월 16일까지 45일간의 제안 수용 기간이 포함됩니다. 이 거래는 이사회에서 만장일치로 승인되었으며, SatixFy의 주식 약 57%를 보유한 주주들의 지지를 받았습니다. 이 거래는 2027년까지 MDA Space의 조정된 수익에 긍정적인 영향을 미칠 것으로 예상됩니다.
MDA Space a annoncé l'acquisition de SatixFy Communications (NYSE: SATX) dans le cadre d'une transaction entièrement en espèces évaluée à 2,10 USD par action, représentant une valeur totale des capitaux propres d'environ 193 millions de USD. L'accord comprend le remboursement de la dette existante de SatixFy de 76 millions de USD, portant la valeur totale de la transaction à 269 millions de USD.
Fondée en 2012, SatixFy est un fournisseur de semi-conducteurs spécialisé dans la technologie de communication par satellite, avec plus de 60 brevets et 165 employés techniques dans le monde. L'entreprise a investi environ 270 millions de USD dans la recherche et le développement à ce jour. L'acquisition vise à améliorer l'offre de systèmes satellites de bout en bout de MDA Space alors que la demande de communications satellitaires numériques augmente.
La transaction, qui devrait être finalisée au troisième trimestre 2025, comprend une période de recherche d'offres alternatives de 45 jours jusqu'au 16 mai 2025. Elle a reçu l'approbation unanime du conseil d'administration et le soutien des actionnaires détenant environ 57 % des actions de SatixFy. On prévoit que l'accord sera bénéfique pour les bénéfices ajustés de MDA Space d'ici 2027.
MDA Space hat die Übernahme von SatixFy Communications (NYSE: SATX) in einer vollständig bar bezahlten Transaktion zum Preis von 2,10 USD pro Aktie angekündigt, was einem Gesamtwert des Eigenkapitals von etwa 193 Millionen USD entspricht. Der Deal umfasst die Tilgung der bestehenden Schulden von SatixFy in Höhe von 76 Millionen USD, wodurch der Gesamtwert der Transaktion auf 269 Millionen USD steigt.
Gegründet im Jahr 2012, ist SatixFy ein Halbleiterlieferant, der sich auf Satellitenkommunikationstechnologie spezialisiert hat, mit über 60 Patenten und 165 technischen Mitarbeitern weltweit. Das Unternehmen hat bis heute etwa 270 Millionen USD in Forschung und Entwicklung investiert. Die Übernahme zielt darauf ab, das Angebot von MDA Space an End-to-End-Satellitensystemen zu verbessern, da die Nachfrage nach digitalen Satellitenkommunikationen wächst.
Die Transaktion, die voraussichtlich im dritten Quartal 2025 abgeschlossen wird, umfasst eine 45-tägige Suche nach Alternativangeboten bis zum 16. Mai 2025. Sie hat die einstimmige Genehmigung des Vorstands und die Unterstützung von Aktionären erhalten, die etwa 57% der Aktien von SatixFy halten. Es wird erwartet, dass der Deal bis 2027 zu den bereinigten Gewinnen von MDA Space beiträgt.
- 75% premium offered to current share price
- Strong shareholder support with 57% already committed
- Addition of 60+ patents and specialized technical team
- Expected cost savings through vertical integration
- Strategic expansion into growing digital satellite communications market
- Significant debt burden of US$76 million to be retired
- Earnings accretion delayed until 2027
- 45-day go-shop period creates uncertainty about final deal completion
- Large R&D investment of US$270 million with returns yet to be realized
Insights
MDA Space's US$193 million acquisition of SatixFy represents an exceptional outcome for SATX shareholders, delivering a
The transaction structure is particularly favorable considering SatixFy's financial position. MDA is not only paying the equity value but also retiring SatixFy's
Despite investing approximately
The inclusion of a 45-day go-shop period creates the possibility of an even higher bid, though the
For SATX shareholders, this represents an optimal outcome that monetizes the company's intellectual property and specialized workforce while providing immediate premium value without the execution risks of remaining independent.
- Vertical integration of SatixFy expected to further enhance the MDA Space end-to-end satellite offering as demand for digital constellations grows
- MDA Space to pay
US per SatixFy share, representing a$2.10 75% premium to SatixFy's share price on March 31, 2025
Next Generation Chipsets for Satellite Communications with Robust Patent Portfolio
Founded in 2012, SatixFy is a supplier of cutting-edge semiconductors and solutions for the space and the satellite communications value chain. SatixFy's technology enables satellite broadband and direct-to-device constellations with its radiation hardened digital beamformers enabling them to generate hundreds of beams, designed to significantly improve satellite performance and decrease cost. SatixFy has invested approximately
"With this acquisition MDA Space is taking a logical next step to further reinforce our technical differentiation as the global market transitions from analog to digital satellite technology," said Mike Greenley, Chief Executive Officer of MDA Space. "Similar to MDA Space, SatixFy is an innovation company at its core, and bringing these two highly skilled teams together adds complementary expertise and technology that will allow us to further enhance our value proposition for current and future customers by providing vertically integrated and differentiated digital satellite solutions."
"SatixFy has consistently aimed to revolutionize the market with digital chip-based solutions while establishing a world-leading space technology company. Joining MDA Space marks a significant milestone in that journey," said Nir Barkan, Chief Executive Officer of SatixFy. "This transaction is a testament to the innovation and dedication of our employees over the past decade. It will provide the scale, resources, and stability needed to continue delivering groundbreaking solutions for our customers."
Strategic Highlights
The market for software-defined digital satellite constellations is rapidly expanding, driven by increased demand for satellite-based broadband, direct-to-device connectivity and the Internet of Things. Market research firm NSR forecasts that over
The acquisition of SatixFy is expected to enhance MDA Space's capabilities in this growing digital satellite communications market by:
- Adding complementary technology and a rich IP portfolio to enable end-to-end satellite communications solutions and expand offerings by combining MDA Space technology and capabilities in digital LEO and MEO satellites (MDA AURORATM) with SatixFy's space grade chips and communications systems;
- Vertically integrating a key and differentiated technology provider for MDA Space Satellite Systems business;
- Adding a highly specialized and complementary technical team to MDA Space; and
- Aligning the technology roadmap for MDA Space next generation software-defined digital satellites to continue to meet evolving needs of customers.
Transaction Details
MDA Space will acquire all outstanding ordinary shares of SatixFy for
The transaction is expected to be accretive to MDA Space adjusted earnings in 2027 which will represent the second full year of MDA Space ownership. The transaction is also expected to realize cost savings within 12 months of closing, primarily as a result of the vertical integration of space chips and the elimination of public company costs.
The transaction is expected to close in the third quarter of 2025 subject to customary closing conditions and required regulatory approvals.
Transaction Supported by Boards of Directors and Major SatixFy Shareholders
The transaction has been unanimously approved by the Boards of Directors of MDA
Space and SatixFy, as well as a Special Committee and the Audit Committee of SatixFy.
Certain of SatixFy's directors, officers and significant shareholders, holding an aggregate of approximately
Additional Information
The Transaction Agreement includes a 45-day go-shop period extending until May 16, 2025 (the "Go-Shop Period"), during which time SatixFy, with the assistance of its financial adviser, will, subject to the requirements and limitations set forth in the Transaction Agreement, including matching rights of MDA Space, be permitted to actively solicit, evaluate and enter into negotiations with third parties that express an interest in acquiring SatixFy with a view to obtaining a potential Superior Proposal (as defined in the Transaction Agreement). The Transaction Agreement includes customary break-fees in certain circumstances.
The transaction is subject to, among other things, regulatory approvals and requires the affirmative vote of the holders of the outstanding SatixFy Shares, in accordance with the applicable voting requirements under the Israeli Companies Law at a shareholders' meeting of SatixFy expected to be held in the second quarter of 2025, as well as other customary closing conditions. Approval of the shareholders of MDA Space is not required.
Advisors
Citi is serving as exclusive financial advisor to MDA Space and Norton Rose Fulbright Canada LLP is serving as legal counsel to MDA Space. TD Cowen is serving as exclusive financial advisor to SatixFy and Goldfarb Gross Seligman & Co. and Sullivan & Worcester LLP are serving as legal counsel to SatixFy.
Conference Call
MDA Space will host a call and webcast to discuss the transaction on Tuesday, April 1, 2025 at 10:00 a.m. ET. Interested parties can join the call by dialing 416-945-7677 (
A replay of the conference will be archived on the MDA Space website following the call. Parties may also access a recording of the call which will be available until April 8, 2025, by dialing 1-888-660-6345 and entering the passcode 39693 #.
Forward-Looking Statements
This news release contains forward–looking information within the meaning of applicable securities legislation, which reflects MDA Space's and SatixFy's current expectations regarding future events.
Forward-looking statements in this news release include, but are not limited to, statements with respect to: accretive financial, market and product synergies associated with the transaction; statements made herein (including with respect to NSR forecasts) with respect to the anticipated benefits (if any) of the transaction; the anticipated effect of the transaction on MDA Space's and SatixFy's future growth, costs, opportunities and strategy going forward; the consideration to be received by SatixFy's shareholders; the go-shop process during the Go-Shop Period (including receipt of any Superior Proposal and the resulting effects on MDA Space and the transaction consideration); the payment of a breakup fee by either party (if at all); compliance by MDA Space and SatixFy with various covenants contained in the transaction Agreement; the receipt of regulatory approvals and the satisfaction of the closing conditions of the transaction; the anticipated timing for SatixFy's shareholders' meeting and completion of the transaction; and statements made by the Chief Executive Officer of MDA Space and the Chief Executive Officer of SatixFy. In particular, there can be no assurance that the transaction will be completed on the terms described herein, if at all.
Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of MDA Space and SatixFy, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information, including: approvals required in connection with the transaction; compliance with the voting support agreements; the outcome and effects of the go-shop process; the satisfaction or waiver of the closing conditions of the transaction (if at all); adverse changes in applicable laws or regulations; delay or inability of MDA Space to pay the consideration contemplated by the Transaction Agreement; expected growth; results of operations; performance; industry trends and growth opportunities. While MDA Space and SatixFy consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Additional risks and uncertainties applicable to MDA Space include, but are not limited to, the factors discussed under "Risk Factors" in the MDA Space Annual Information Form (AIF) dated March 7, 2025 and available on SEDAR+ at www.sedarplus.com. Additional risks and uncertainties applicable to SatixFy include, but are not limited to, the factors discussed under "Risk Factors" in SatixFy's Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 29, 2024, as amended, and other documents filed with or furnished to the SEC which are available on the SEC's website, www.sec.gov. Neither MDA Space nor SatixFy undertakes any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
In connection with this transaction, SatixFy intends to submit relevant materials to the SEC and other governmental or regulatory authorities, including a proxy statement and form of proxy card. Investors are urged to read these materials carefully when they become available because they will contain important information about SatixFy and this transaction. The proxy statement, proxy card and certain other relevant materials (when they become available) and any other documents submitted by SatixFy to SEC may be obtained free of charge at the SEC's website at http://www.sec.gov. Investors are urged to read the proxy statement and the other relevant materials carefully when they become available before making any voting or investment decision with respect to this transaction.
ABOUT MDA SPACE
Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,400 space experts in
ABOUT SATIXFY
SatixFy develops chips and systems that serve the full satellite communication value chain from gateways through payload subsystems and terminals. Our cutting-edge space grade chipset supports next-generation satellite communications systems, including satellite multi-beam digital space antennas, space processors flat panel user terminals and modems, based on powerful in-house designed chipsets. SatixFy's products include modems that feature Software Defined Radio (SDR) and Fully Electronically Steered Multi Beam Antennas (ESMA) that support the advanced communications standard DVB-S2X and RCS2. SatixFy's innovative ASICs improve the overall performance of satellite communications systems, reduce the weight and power requirements of terminals and payloads, and save real estate for gateway equipment. SatixFy's advanced VSATs and multi-beam fully electronically steered antenna arrays are optimized for a variety of mobile applications and services, prepared for multi-orbits LEO, MEO and GEO satellite communications systems, for aero/in-flight connectivity systems, communications-on-the-move applications and more. For more information, please visit www.SatixFy.com.
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