AcquisitionsJul 8, 2026, 04:19 PM
MDA Space to Acquire 70% of CLS; Raises $712M via Share Offering
AI Summary
MDA Space announced a bought deal offering of 20 million common shares at US$35.60 each, raising US$712 million in gross proceeds. The primary use of these funds is to finance a portion of the concurrently announced acquisition of approximately a 70% interest in Collecte Localisation Satellites (CLS). An over-allotment option for an additional 15% of shares was granted to underwriters. The offering is expected to close around July 14, 2026, and is not conditional on the acquisition.
Key Highlights
- MDA Space to acquire approximately 70% interest in Collecte Localisation Satellites (CLS).
- Entered agreement to sell 20,000,000 common shares in a bought deal offering.
- Offering price set at US$35.60 per common share.
- Aggregate gross proceeds from the offering total US$712 million.
- Underwriters granted an over-allotment option for up to an additional 15% of shares.
- Net proceeds will fund a portion of the CLS acquisition purchase price.
- Offering expected to close on or about July 14, 2026.
- If acquisition not completed, proceeds will support MDA Space's growth strategy.
Price Impact
More from MDA