Milbank LLP is pleased to announce that the Transportation & Space Group’s work on the take private sale of Maxar Technologies Inc. (“Maxar”) was named “Private Equity Deal of the Year” at the IFLR Americas Awards 2024, which celebrate the most legally innovative financial and corporate deals, teams and firms, and outstanding individuals over the past 12 months. The Milbank team was also shortlisted as “CFIUS Team of the Year.” Winners were announced at an awards ceremony in New York City on May 15, 2024.
Milbank advised space solutions and geospatial intelligence company Maxar on its sale to private equity firm Advent International, alongside minority investor British Columbia Investment Management Corporation (“BCI”). Milbank advised Maxar on space industry, corporate, commercial and regulatory aspects of the transaction.
The Milbank Transportation & Space team was led by partner Dara A. Panahy and included partners John Beahn (CFIUS/National Security), Patrick Campbell and Bijan Ganji (Transportation & Space), Andrea Hamilton and Alexander Rinne (Antitrust), special counsels Dana Zelman (CFIUS / National Security) and Lafayette Greenfield (Transportation & Space) and associates Darren Fernandez and Brian Murff (Transportation & Space).
IFLR editors recognized the Maxar acquisition as a standout deal based on several legal aspects of the transaction, including the notable dynamics of the $6.4 billion all-cash acquisition, which created a unique combination of challenges. Making the deal especially complex, IFLR editors noted, “the deal was scrutinized by the Committee on Foreign Investment into the United States (CFIUS), the Defense Counterintelligence and Security Agency (DCSA) and various national foreign direct investment authorities as there were limitations on the ability of “foreign persons” to participate in the ownership structure of the post-closing entity. This required cross-specialist, multi-jurisdictional coordination to structure go-forward governance and ownership rights.” Adding to the regulatory challenges, IFLR highlighted that Maxar was dual listed on the New York Stock Exchange and on the Toronto Stock Exchange, which also required the deal to have committed financing at a time when the debt markets were closed down. “We are pleased to have supported Maxar in a transaction that validates its leading and vital role in both the geospatial intelligence and space infrastructure sectors,” said Dara Panahy, a partner and leader of the Transportation & Space team in Milbank’s Washington, DC office. “The seamless cross-practice group, multi-jurisdictional execution by the Milbank team to close the take-private sale transaction quickly and efficiently is a hallmark of the value the firm provides to our clients."
Maxar, which operates in a highly regulated and sensitive environment during a period of global conflict, is subject to numerous national security, foreign policy and domestic industrial base-related laws and regulations, particularly around the provision of satellite-based geospatial intelligence and space infrastructure and connectivity platforms.
Milbank’s Alternative Investments Practice was named “Structured Finance and Securitization Team of the Year” at the awards ceremony. Milbank was also shortlisted for numerous deal and team of the year awards, including Loans Team of the Year, CFIUS Team of the Year, Project Finance Team of the Year, Restructuring Team of the Year and International Law Firm of the Year.
The IFLR Americas Awards are unique in the market for focusing on legal innovation through dealmaking and celebrating work that improves the cross-border investment. IFLR’s awards are based on a rigorous research process that involved reviewing hundreds of entries from across the region and interviews with lawyers across the industry.
