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EMS Technologies Inc. announced the closing of the sale of its Space & Technology/Montreal division to MacDonald, Dettwiler and Associates Ltd. (MDA), Vancouver, BC, Canada. EMS originally announced the signing of a definitive agreement for the sale on Oct. 31.
During the past month, the two companies have worked diligently to obtain the necessary approvals from the Competition Bureau, Industry Canada pursuant to the Competition Act, customers and other third parties. Final terms of the sale were not disclosed.
"We are pleased to have completed this important transaction," said Alfred G. Hansen, president and chief executive officer. "We also are continuing to pursue negotiations with a potential strategic buyer of our SatNet division under a non-binding letter of intent. While discussions continue, at this stage of the negotiation it is difficult to predict the timing, final terms or certainty of the SatNet sale transaction."
EMS Space & Technology/Montreal has approximately 350 employees. MDA employs more than 2,500 people in locations across the United States, the United Kingdom and Canada, and delivers a broad spectrum of earth and space-based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The Space & Technology/Montreal division had been carried as a discontinued operation since 2003. Needham & Co., investment bankers, acted as exclusive financial advisors to EMS Technologies with respect to the Space & Technology/Montreal Division sale.
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