[SatNews] MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX:MDA) has signed a definitive agreement to acquire a business that includes radar and other information sensors used for national security purposes—this business will significantly strengthen MDA's ability to pursue future surveillance and intelligence programs in the U.S.
"One of our long-term strategic objectives is to expand our presence in the U.S. surveillance market, and in particular, to increase our radar information and systems related business, said Daniel Friedmann, MDA's CEO. "We believe that the unique radar information processing capability we are adding through this acquisition, together with SSL's large space program capability, provide us with a strong platform to pursue this objective."
The acquired business has approximately 170 employees and generates annual revenues of approximately US$40 million. This business will become part of MDA Information Systems LLC, located in Gaithersburg, Maryland. The terms and value of the agreement have not been disclosed, nor has the acquired company's name. The transaction is subject to certain closing conditions customary for this type of transaction, as well as approval by the Committee on Foreign Investment in the United States (CFIUS). MDA expects the transaction to be completed in 2014.
The MDA infosite is located at http://www.mdacorporation.com/