MDA Ltd. (TSX:MDA) signed a definitive agreement to acquire SatixFy Space Systems UK Ltd. from Satixfy Communications Ltd. (NYSEAM:SATX) for $40 million on August 30, 2023. On closing of the transaction the digital payload division (SSS), based in the United Kingdom, will be integrated into MDA UK, the company?s existing UK subsidiary. MDA Ltd. will fund the acquisition from cash on hand and from its existing credit facility.

The transaction is subject to customary closing conditions, including regulatory, lender and other third party and shareholder approvals and is expected to occur in the fourth quarter of 2023. The newly acquired division, based in the United Kingdom, will be integrated into MDA UK, the company?s existing UK subsidiary. As of October 19, 2023, the shareholders of Satixfy Communications approved the transaction.