A Toronto-based investment firm has acquired the Canadian space technology company behind the Canadarm robotic arms on the International Space Station.
The company, which is called MacDonald, Dettwiler and Associates (MDA), was acquired by a consortium led by Northern Private Capital for $1 billion, with financial backing from former RIM and BlackBerry Co-CEO Jim Balsillie.
Following the acquisition, MDA’s headquarters will return to Canada. The process of repatriating MDA’s operations is going to be financed by several sources including Scotiabank and Bank of Montreal.
“Over its 50-year history, MDA has grown from a B.C.-based start-up into a world-class space technology company and an anchor of Canada’s space program,” said John Risley of Northern Private Capital in a statement to The Canadian Press. “As a Canadian, I am so proud this iconic Canadian company will once again be owned and controlled in Canada.”
Northern Private Capital says the acquisition is awaiting regulatory approvals, which will conclude in 2020.
Image credit: NASA
Source: The Canadian Press