Canadian satellite-maker MDA saw its share price fall from about $34 to below $27 before recovering slightly, following a Bloomberg report that Elon Musk’s SpaceX has been interested in acquiring U.S. satellite communication company Globalstar. MDA has a $1.1-billion contract to build satellites for a new Globalstar low Earth orbit constellation; it called the report “unconfirmed and speculative.” (The Logic)
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Canadian satellite-maker MDA saw its share price fall from about $34 to below $27 before recovering slightly, following a Bloomberg report that Elon Musk’s SpaceX has been interested in acquiring U.S. satellite communication company Globalstar. MDA has a $1.1-billion contract to build satellites for a new Globalstar low Earth orbit constellation; it called the report “unconfirmed and speculative.” (The Logic)
Talking point: With SpaceX also in the satellite business, it might scrap the MDA deal if it buys Globalstar. In September, MDA lost a $1.8-billion deal with another U.S. communication company, EchoStar, when EchoStar decided to sell key spectrum rights to SpaceX instead of using the spectrum for an MDA-built satellite system. The EchoStar-MDA agreement survived just over a month; the Globalstar deal has been in MDA’s plans since February. Globalstar is due to report its most recent earnings on Nov. 6, and MDA on Nov. 14.
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