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Maxar (MAXR) Shares Surge on Proposed All-Cash Merger Deal
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Maxar Technologies has announced that it has entered into an agreement with a private equity investor - Advent International - to be acquired in an all-cash transaction.
Advent plans to purchase all outstanding shares of Maxar for $53 per share, representing a premium of about 129% over the company’s closing price of about $23.10 on Dec 15, 2022. The acquisition puts an enterprise value of approximately $6.4 billion.
Following the announcement, shares of the company surged 125% and closed at $51.93 on Dec 16, 2022.
The acquisition is likely to benefit Maxar from Advent’s abundant resources and operational expertise.
Maxar will be able to focus on the development of its next-generation satellite technologies and data insights, which will expand its government and commercial customer base.
Maxar will also be able to support its Legion satellite constellation, fasten the launch of Legion 7 and 8 satellites, as well as develop the Earth Intelligence and Space Infrastructure business segments through investments in advanced machine learning and 3D mapping. The acquisition will also help the company to pursue strategic M&A to augment its portfolio.
Per the report, Advent has previously invested approximately $28 billion across defense, security and cybersecurity sectors over three years to develop satellite and defense platforms for the U.S. government.
The acquisition is anticipated to be completed in the middle of 2023, pending the mandatory closing conditions, such as shareholder approval from Maxar and requisite governmental approvals.
The contract stipulates a "go-shop" window of 60 days that closes on Feb 14, 2023. The Maxar’s Board of Directors and its advisers will proactively seek out, consider and aggressively launch alternative acquisition bids from outside companies during this time.
The Maxar Board will have the option to end the merger agreement to enter into a superior proposal, subject to the terms and conditions of the agreement.
Maxar is a space technology firm providing satellite imagery, expert intelligence services, along with spacecraft and robotics for space exploration, research and national security.
The company continues to expand its partnership with large defense companies to boost its Space Infrastructure segment. Also, increasing contract wins from the U.S. Department of Defense, National Reconnaissance Office and National Geospatial-Intelligence Agency are major tailwinds.
At present, Maxar has a Zacks Rank #3 (Hold). Shares of the company gained 88.1% against the sub-industry’s decline of 14.2% in the past year.
The Zacks Consensus Estimate for Arista Networks 2022 earnings is pegged at $4.37 per share, up 8.2% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.5%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 12.7%. Shares of ANET have declined 0.9% in the past year.
The Zacks Consensus Estimate for Plexus 2023 earnings is pegged at $5.98 per share, rising 8.9% in the past 60 days.
Plexus’ earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average being 17.5%. Shares of PLXS have gained 14.5% in the past year.
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2023 earnings is pegged at $9.58 per share, rising 23.6% in the past 60 days.
Super Micro Computer’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 9.4%. Shares of SMCI have soared 112.7% in the past year.
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Maxar (MAXR) Shares Surge on Proposed All-Cash Merger Deal
Maxar Technologies has announced that it has entered into an agreement with a private equity investor - Advent International - to be acquired in an all-cash transaction.
Advent plans to purchase all outstanding shares of Maxar for $53 per share, representing a premium of about 129% over the company’s closing price of about $23.10 on Dec 15, 2022. The acquisition puts an enterprise value of approximately $6.4 billion.
Following the announcement, shares of the company surged 125% and closed at $51.93 on Dec 16, 2022.
Maxar Technologies Inc. Price and Consensus
Maxar Technologies Inc. price-consensus-chart | Maxar Technologies Inc. Quote
The acquisition is likely to benefit Maxar from Advent’s abundant resources and operational expertise.
Maxar will be able to focus on the development of its next-generation satellite technologies and data insights, which will expand its government and commercial customer base.
Maxar will also be able to support its Legion satellite constellation, fasten the launch of Legion 7 and 8 satellites, as well as develop the Earth Intelligence and Space Infrastructure business segments through investments in advanced machine learning and 3D mapping. The acquisition will also help the company to pursue strategic M&A to augment its portfolio.
Per the report, Advent has previously invested approximately $28 billion across defense, security and cybersecurity sectors over three years to develop satellite and defense platforms for the U.S. government.
The acquisition is anticipated to be completed in the middle of 2023, pending the mandatory closing conditions, such as shareholder approval from Maxar and requisite governmental approvals.
The contract stipulates a "go-shop" window of 60 days that closes on Feb 14, 2023. The Maxar’s Board of Directors and its advisers will proactively seek out, consider and aggressively launch alternative acquisition bids from outside companies during this time.
The Maxar Board will have the option to end the merger agreement to enter into a superior proposal, subject to the terms and conditions of the agreement.
Maxar is a space technology firm providing satellite imagery, expert intelligence services, along with spacecraft and robotics for space exploration, research and national security.
The company continues to expand its partnership with large defense companies to boost its Space Infrastructure segment. Also, increasing contract wins from the U.S. Department of Defense, National Reconnaissance Office and National Geospatial-Intelligence Agency are major tailwinds.
At present, Maxar has a Zacks Rank #3 (Hold). Shares of the company gained 88.1% against the sub-industry’s decline of 14.2% in the past year.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader technology space are Arista Networks (ANET - Free Report) , Plexus (PLXS - Free Report) and Super Micro Computer (SMCI - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Arista Networks 2022 earnings is pegged at $4.37 per share, up 8.2% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.5%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 12.7%. Shares of ANET have declined 0.9% in the past year.
The Zacks Consensus Estimate for Plexus 2023 earnings is pegged at $5.98 per share, rising 8.9% in the past 60 days.
Plexus’ earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average being 17.5%. Shares of PLXS have gained 14.5% in the past year.
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2023 earnings is pegged at $9.58 per share, rising 23.6% in the past 60 days.
Super Micro Computer’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average being 9.4%. Shares of SMCI have soared 112.7% in the past year.