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Maxar (MAXR) Inches Closer to Takeover by Advent International
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Maxar Technologies announced that it has obtained most of the regulatory approvals needed for the previously announced deal between the company and Advent International.
In December, Maxar announced that it had 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%, which is more than the company’s closing price of about $23.10 on Dec 15, 2022. The acquisition puts an enterprise value of approximately $6.4 billion.
Additionally, in February 2023, the company announced the expiration of the 60-day "go-shop" period pursuant to the merger terms with Advent. The company noted that it did not get “competing acquisition proposals” during the "go-shop" period.
The acquisition will allow Maxar to concentrate on the development of its next-generation satellite technology and data insights to increase its government and commercial clientele.
Also, Maxar will be able to maintain its Legion satellite constellation, expedite the launch of Legion 7 and 8 satellites and grow the Earth Intelligence and Space Infrastructure business segments through investments in cutting-edge machine learning and 3D mapping. The purchase will aid the company's pursuit of strategic mergers & acquisitions to broaden its product offering.
The acquisition is still pending due to the fulfilment of further closing requirements, such as shareholders’ approval from Maxar and clearance from other authorities. The acquisition is anticipated to be completed in late April or early May 2023. The company further added that on Apr 19, 2023, Maxar's stockholders will have a special meeting to vote on the merger 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, its 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 have gained 32.4% against the sub-industry’s decline of 24.9% in the past year.
The Zacks Consensus Estimate for Arista Networks’ 2023 earnings has increased 11% in the past 60 days to $5.85 per share. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 14.2%. Shares of ANET have increased 25.7% in the past year.
The Zacks Consensus Estimate for Asure Software’s 2023 earnings has increased 25% in the past 60 days to 35 cents per share. The long-term earnings growth rate is anticipated to be 25%.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 445.8%. Shares of ASUR have increased 187.8% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings has increased 72.8% in the past 60 days to $1.40 per share.
Pegasystems’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average surprise being 11.2%. Shares of the company have declined 36.9% in the past year.
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Maxar (MAXR) Inches Closer to Takeover by Advent International
Maxar Technologies announced that it has obtained most of the regulatory approvals needed for the previously announced deal between the company and Advent International.
In December, Maxar announced that it had 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%, which is more than the company’s closing price of about $23.10 on Dec 15, 2022. The acquisition puts an enterprise value of approximately $6.4 billion.
Maxar Technologies Inc. Price and Consensus
Maxar Technologies Inc. price-consensus-chart | Maxar Technologies Inc. Quote
Additionally, in February 2023, the company announced the expiration of the 60-day "go-shop" period pursuant to the merger terms with Advent. The company noted that it did not get “competing acquisition proposals” during the "go-shop" period.
The acquisition will allow Maxar to concentrate on the development of its next-generation satellite technology and data insights to increase its government and commercial clientele.
Also, Maxar will be able to maintain its Legion satellite constellation, expedite the launch of Legion 7 and 8 satellites and grow the Earth Intelligence and Space Infrastructure business segments through investments in cutting-edge machine learning and 3D mapping. The purchase will aid the company's pursuit of strategic mergers & acquisitions to broaden its product offering.
The acquisition is still pending due to the fulfilment of further closing requirements, such as shareholders’ approval from Maxar and clearance from other authorities. The acquisition is anticipated to be completed in late April or early May 2023. The company further added that on Apr 19, 2023, Maxar's stockholders will have a special meeting to vote on the merger 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, its 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 have gained 32.4% against the sub-industry’s decline of 24.9% in the past year.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the broader technology space are Arista Networks (ANET - Free Report) , Asure Software (ASUR - Free Report) and Pegasystems (PEGA - 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’ 2023 earnings has increased 11% in the past 60 days to $5.85 per share. The long-term earnings growth rate is anticipated to be 14.2%.
Arista Networks’ earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 14.2%. Shares of ANET have increased 25.7% in the past year.
The Zacks Consensus Estimate for Asure Software’s 2023 earnings has increased 25% in the past 60 days to 35 cents per share. The long-term earnings growth rate is anticipated to be 25%.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 445.8%. Shares of ASUR have increased 187.8% in the past year.
The Zacks Consensus Estimate for Pegasystems’ 2023 earnings has increased 72.8% in the past 60 days to $1.40 per share.
Pegasystems’ earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average surprise being 11.2%. Shares of the company have declined 36.9% in the past year.