Satellite operator Maxar to go private in $6.4B deal with Advent

Boston-based private equity firm Advent International's deal to buy Maxar Technologies is its latest investment in defense and cybersecurity businesses.

Why it matters: Private equity money has been funneling into health care, retail and tech. This deal to take a publicly traded, defense-focused telecom business private stands out.

Details: Advent said Friday it has agreed to acquire Maxar at $53 per share in cash, a 129% premium on Thursday's closing stock price. The deal is valued at $6.4 billion, including debt.

• The Westminster, Colorado-based telecom's stock jumped about 125% Friday to $52, just below the deal price.
• Advent noted in the press release that it's invested about $28 billion in defense, security and cybersecurity over the past three years.
• The firm's other deals include taking McAfee private this year, as well as investments in passwordless authenticator HYPR and cloud security startup Wiz.

What's next: The Maxar deal includes a "go-shop" period until Feb. 14, 2023. If no other bidders arise and regulatory approvals are met, the deal is expected to close mid-2023.