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Maxar Technologies Announces its Intention to Acquire Vricon to Accelerate Growth in Emerging Markets for 3D Technology and Extend its Lead in Earth Intelligence

By Eric Van Rees - 30th June 2020 - 07:05

Maxar Technologies, a trusted partner and innovator in Earth Intelligence and Space Infrastructure, announced its intent to exercise its call option to take full ownership of 3D data and analytics firm Vricon, Inc., for approximately $140 million, or approximately $115 million net of estimated cash at closing.

To fund the transaction, Maxar intends to issue $150 million in aggregate principal amount of new senior secured notes. Maxar has also agreed to repurchase $150 million in aggregate principal amount of existing notes using the proceeds of the recent sale of its MDA business.

Vricon is a global leader in satellite-derived 3D data for defense and intelligence markets, with software and products that enhance 3D mapping, Earth intelligence data, military simulation and training and precision-guided munitions. The company was formed as a joint venture between Maxar and Saab in 2015 to combine patented Saab IP with Maxar commercial satellite imagery to build highly accurate, immersive 3D products at scale.

Maxar intends to appoint Gilman Louie, Chairman of Vricon’s Board of Directors, to the Maxar Board of Directors once the transaction closes. Louie is co-founder and partner of Alsop Louie Partners, an early-stage technology venture capital firm founded in San Francisco in 2006. Louie is the founder and former CEO of In-Q-Tel, a strategic venture fund created to help enhance national security by connecting the Central Intelligence Agency and U.S. intelligence community with venture-backed entrepreneurial companies. He also serves as a commissioner on the U.S. National Security Commission on Artificial Intelligence.

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