MacDonald, Dettwiler and Associates Ltd. (TSX:MDA), has closed the sale of 4,145,750 shares worth $288 million.
The shares were sold at $69.40 per share. Proceeds of the sale will be used to help cover the cost of last year’s acquisition of California satellite maker Space Systems/Loral Inc. for $875 million.
“This is the first time MDA has issued equity to finance its growth,” said MDA CFO Anil Wirasekara.
“The acquisition of SSL on November 2, 2012, was transformational for the company, and with the completion of this financing, MDA will be well-positioned to pursue growth opportunities.”
MDA’s shares were trading at $68.79 at close of markets Wednesday.
