MDA Ltd. completed the acquisition of SatixFy Space Systems UK Ltd. from Satixfy Communications Ltd..
MDA Ltd. (TSX:MDA) completed the acquisition of SatixFy Space Systems UK Ltd. from Satixfy Communications Ltd. (NYSEAM:SATX) on October 31, 2023. The $40 million consideration as part of the share purchase agreement is comprised of $37 million Promissory Notes, and $3 million to be paid to the Company in consideration for the Shares of SatixFy Space Systems LTD, of which, $1 million was paid at closing while the remaining $2 million will be to be received after eighteen month from closing upon satisfaction of the provided reps and warranties by the Company (?Hold- Back?). The Promissory Notes are settled as follows: $17 million were paid at closing and the remaining $20 million are to be paid over seven monthly instalments of $2.85 million each.