MDA to Put $300 Million Raise Into Pursuing Mergers, Paying Debt

Canadian satellite developer MDA Space Ltd. will use the $300 million raised in its initial public offering to pay down debt and pursue merger opportunities.

Chief Executive Officer Mike Greenley said on Thursday that the Ontario-based space technology firm wants to buy companies that would expand its footprint in markets such as the US or Europe, or tech firms that can be folded into its supply chain.

MDA Space Ltd. CEO Mike Greenley celebrates after ringing the opening bell at the New York Stock Exchange on March 12.

Photographer: Michael M. Santiago/Getty Images

“When the right acquisition targets come along, then we will act,” Greenley said in an interview. “We now have a US stock, so in whatever combination of cash or stock we want ...