MDA Space (MDA) added over 6% on the back of its $874M acquisition of Blue Canyon Technologies, a Raytheon subsidiary that should add 12% to revenue post-close…

… skewed heavily towards spacecraft and components for the US defence industry.

Given BCT and MDA operate with similar margin profiles, the price tag represents ~20x EBITDA - so the deal rationale isn’t multiple arbitrage…

… it’s expansion, with BCT adding nearly $5B of new opportunities and the ability to compete for classified work in the US as a prime contractor.

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