MDA Space (MDA) was down nearly 9% after announcing an upsized bought deal to help fund its $920M majority purchase of CLS - which adds ~40% to revenue combined with its recent $874M BCT acquisition…

… and transforms the company into a vertically integrated geointelligence player, with the addition of the target’s monitoring and forecasting business.

At just under 15x attributable EBITDA, it’s not cheap by any means - so execution will be key…

… as the company digests two splashy transactions and a $688M contract win all at once.

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