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Advent’s Maxar Tech taps Evercore in sale of Radiant Solutions

Advent International-backed Maxar Technologies, a provider of space software and geospatial intelligence, is working with Evercore on the sale of its Radiant Solutions business, three sources familiar with the matter and a sector advisor said.

This news service reported last month that Westminster, Colorado-based Maxar was in the middle of a sale process for the asset. The process is in the second round, as reported.

The Radiant Solutions business generates USD 20m to USD 30m in EBITDA, as reported. Private equity firms continue to circle the asset, two of the sources said. A direct lender said H.I.G. Capital could make sense as a suitor for the business.

Advent International, alongside minority investor British Columbia Investment Management, completed its USD 6.4bn acquisition of Maxar Technologies last year. For that deal, JPMorgan served as financial advisor to Maxar. Goldman Sachs and Morgan Stanley advised Advent.

Radiant is not the first business Maxar has been trying to sell since the Advent acquisition. In December 2023, Maxar’s Intelligence unit sold its RF Solutions business to HawkEye 360, a defense technology company for space-based radio frequency (RF) data and analytics, for an undisclosed amount.

Maxar was made up of four divisions: MDA, SSL, DigitalGlobe and Radiant Solutions. DigitalGlobe acquired geospatial big data and analytics company Radiant Solutions, formerly known as Radiant Group, for USD 140m in 2016 from Aston Capital. In 2017, MacDonald Dettwiler and Associates acquired DigitalGlobe and the combined companies became known as Maxar.

Advent and Maxar declined to comment. Evercore did not return requests for comment.

by Richard Tekneci, Collin Krabbe, Bhavna Kaul and Lisa Fu