Norton Rose Fulbright, Blakes, Stikeman Elliott among legal counsel
Deal: MDA Space to acquire SatixFy to boost satellite tech
Value: $273 million (US193 million)
Canada saw an active week in M&A, with tech-driven expansions and strategic exits. MDA’s US$193 million SatixFy buyout and Tiny’s US$66 million Serato stake highlight a push into digital innovation, while BRP announced the sale of Telwater and Alumacraft as part of its marine business exit. Norton Rose Fulbright, Blakes, and Stikeman Elliott are among the legal counsel in this week’s deals roundup.
MDA Space Ltd., a leading Canadian space technology company, has announced the acquisition of Israel-based SatixFy Communications Ltd. in a transaction valued at approximately $273 million (US193 million).
SatixFy specializes in advanced digital payload systems for satellites, particularly digital beamforming and software-defined payloads.
Norton Rose Fulbright Canada LLP is serving as legal counsel and Citi as financial advisor to MDA. Goldfarb Gross Seligman & Co. and Sullivan & Worcester LLP are serving as legal counsel to SatixFy, with TD Cowen as financial advisor.
The deal is expected to bolster MDA’s ability to deliver next-generation satellite constellations, expanding its vertically integrated space offering. With this acquisition, MDA aims to capitalize on growing global demand for software-defined satellites, further securing Canada’s role in the competitive aerospace market.
“With this acquisition, MDA Space is taking a logical next step to further reinforce our technical differentiation as the global market transitions from analog to digital satellite technology," said MDA Space CEO Mike Greenley. “Similar to MDA Space, SatixFy is an innovation company at its core, and bringing these two highly skilled teams together adds complementary expertise and technology that will allow us to further enhance our value proposition for current and future customers by providing vertically integrated and differentiated digital satellite solutions.”
SatixFy CEO Nir Barkan added, “SatixFy has consistently aimed to revolutionize the market with digital chip-based solutions while establishing a world-leading space technology company. Joining MDA Space marks a significant milestone in that journey.”
The deal is expected to close in the second quarter of 2025, subject to regulatory approvals.
Tiny Ltd., a Canadian tech holding company, has acquired a 66 percent controlling interest in New Zealand-based Serato Audio Research Ltd., a global leader in music production and DJ software, for approximately $93 million (US$66 million).
Norton Rose Fulbright Canada LLP and Chapman Tripp are serving as legal counsel to Tiny. Avid.Legal is representing Serato, with The Raine Group as financial advisor. Blake, Cassels & Graydon LLP is serving as legal counsel to the underwriters.
The deal marks a significant expansion of Tiny’s software-focused portfolio and positions the company for further growth in the creative technology space. Serato, known for its user-friendly, high-performance tools, maintains a strong international user base.
The acquisition aligns with Tiny’s long-term strategy to support innovative, founder-led companies while increasing its exposure to recurring revenue software assets.
Tiny CEO Jordan Taub said, “We are thrilled to announce our acquisition of Serato, one of the most iconic brands in DJ software. Serato represents the ideal acquisition for Tiny with its market leadership, long history of growth and profitability and unparalleled track record of innovation.”
“Serato's long history of success is driven by a single-minded focus of serving artists,” said Serato CEO Young Ly. “We are excited by the many ways Tiny's unique long-term approach and track record with companies like Letterboxd, AeroPress and Metalab accelerate how we create value for our users, while retaining our headquarters in New Zealand.”
The deal is expected to be completed in the second quarter of 2025.
BRP sells Telwater to Yamaha as marine exit begins
BRP Inc. entered into a definitive agreement to sell Telwater Pty Ltd. to Yamaha Motor Australia Pty Ltd., a subsidiary of Yamaha Motor Co., Ltd. The sale marks BRP’s first divestiture in its planned exit from the Marine segment, aiming to refocus on its core Powersports business.
Stikeman Elliott LLP is serving as legal counsel and National Bank Financial Inc. as financial advisor to BRP.
Telwater, an Australian boat manufacturer behind brands like Quintrex, Stacer, and Savage, will transition under Yamaha, a longstanding leader in Australia’s boating industry. BRP noted its appreciation for Telwater’s contributions and emphasized its support during the transition.
The deal is expected to close in the second quarter of BRP’s Fiscal 2026.
Continuing its marine divestiture strategy, BRP has entered into an agreement to sell U.S.-based Alumacraft to Bryton Marine Group.
Alumacraft is a well-known aluminum fishing boat manufacturer with a solid presence in North America. Bryton Marine, a company focused on acquiring and operating marine businesses, is expected to integrate Alumacraft into its growing portfolio.
This sale, along with the Telwater transaction, marks BRP’s complete exit from boat manufacturing as it pivots toward powersports innovation and other high-value business areas.
BRP President and CEO José Boisjoli said, “I am proud of the strong foundation we have built over the years for this iconic brand, and happy to have found the right buyer for Alumacraft.”
“We are thrilled to acquire the Alumacraft marine business from BRP,” said Bryton Marine Group CEO Byron Bolton. “This expansion of our North American boat building brand footprint supports our growth and long term ownership objectives. For more than 75 years, Alumacraft has been part of family memories. Its heritage is strong in the marine community and we can’t wait to continue growing the brand worldwide.”
The deal is expected to close by the end of BRP’s first fiscal quarter, subject to customary conditions.
