MDA COMPLETES ACQUISITION OF SATIXFY DIGITAL PAYLOAD DIVISION
Further strengthens MDA's digital satellite capability in growing LEO constellation market
BRAMPTON, ON, Oct. 31, 2023 /CNW/ - MDA Ltd. (TSX: MDA), a leading provider of advanced technology and services to the rapidly expanding global space industry, today announced it has completed the previously announced acquisition of SatixFy Space Systems UK Ltd. (SSS), the digital payload division of SatixFy Communications Ltd. (NYSE AMERICAN: SATX).
"We are thrilled to officially welcome the SSS team into MDA," said Mike Greenley, CEO of MDA. "This acquisition bolsters MDA's digital satellite capabilities and advances our satellite systems strategy as we continue to invest and expand in next generation satellite technology and talent to meet growing customer demand."
The newly acquired division, based in the United Kingdom, will be integrated into MDA UK, the company's existing UK subsidiary. The acquisition accelerates MDA's market expansion in the UK and adds strategic in-country capability to produce satellite payloads. In addition, the SSS team will collaborate closely with MDA's Satellite Systems business in Montreal to advance its new digital satellite product offering, adding complementary digital payload expertise and capacity.
The acquisition, which marks a significant investment of MDA in the UK market, will support the UK's objective to maintain its leadership in the growing global satellite market.
Serving the world from its Canadian home and global offices, MDA (TSX: MDA) is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50-year story of firsts on and above the Earth. With over 2,800 employees across Canada, the US and the UK, MDA is leading the charge towards viable Moon colonies, enhanced Earth observation, communication in a hyper-connected world, and more. With a track record of making space ambitions come true, MDA enables highly skilled people to continually push boundaries, tackle big challenges, and imagine solutions that inspire and endure to change the world for the better, on the ground and in the stars. Learn more by visiting mda.space.
This press release contains forward–looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in MDA's Annual Information Form available on SEDAR+ at www.sedarplus.ca. MDA does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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