MDA sells property info business for $850 Million

Burnaby’s Macdonald Dettwiler and Associates announced today that it has sold its property information business to private investment firm TPG Capital for $850 million.

“We determined that this business should operate under separate ownership going forward if we could crystallize good value,” MDA Chief Executive Dan Friedmann said in a statement.

“This transaction provides an excellent return on the investments we have made in the property information business over the past decade.”

Shares in the satellite and data distribution company, famous for creating the robotic arm used on NASA space shuttles, soared last month on talk the company was for sale, but the company squashed those rumors.

The property information business, which is principally located in the United States and Europe, provides data to insurance companies, lenders and legal professionals.

The transaction is expected to close early next year, pending regulatory approval.