ATK Seeks Investment Canada Act Approval For MDA Acquisition
[Satellite Today – 2-1-08] Alliant Techsystems (ATK) will file an Investment Canada Act registration relating to its planned acquisition of the space businesses of MacDonald Dettwiler and Associates (MDA), ATK announced Jan. 31. The companies announced Jan. 8 that ATK had agreed to acquire MDA’s Information Systems and Geospatial businesses for $1.3 billion dollars.
The Investment Canada Act review will run concurrently with the Hart-Scott-Rodino review in the United States.
“ATK welcomes a thorough review of its acquisition plan by industry officials and will work closely with the Canadian government throughout the review process,” ATK Chairman and CEO Dan Murphy said in a statement. “We believe this acquisition will strengthen the Canadian aerospace industry, grow Canada’s world-class aerospace expertise, and open new doors for MDA’s proven, high-performance technology to U.S. and international markets.”
ATK now expects to complete all reviews and approvals by late May or early June and expects the acquisition to close in the first quarter of its fiscal year. ATK will merge its existing satellite assets with the MDA space business to form ATK Space Systems. The Canadian-based facilities and workforce will remain in Canada, preserving the company’s unique and complementary strengths, and drive much of the group’s growth profile.