Author: Canadian Press

BRAMPTON, Ont. — Shares of MDA Space Ltd. were up more than 10 per cent after it signed a contract worth $1.1 billion with satellite operator Globalstar Inc.

Shares in MDA rose $2.83 to $24.75 in early trading on the Toronto Stock Exchange.

Under the agreement, MDA will be the prime contractor for a low Earth orbit constellation of satellites.

It will build more than 50 satellites for Globalstar.

MDA says the definitive contract is a follow-on to a previously announced contract with what was an undisclosed customer that was announced in November 2023.

The company says about $750 million will be added to its backlog in the first quarter of its 2025 financial year in addition to $350 million that was previously added.

This report by The Canadian Press was first published Feb. 10, 2025.

Companies in this story: (TSX:MDA)

The Canadian Press

TORONTO — TD Bank Group says it plans to sell its 10.1 per cent stake in the Charles Schwab Corp.

Under the plan, TD is selling 184.7 million shares in the company.

Schwab shares closed at US$83.18 on the New York Stock Exchange on Friday, making the TD stake worth about US$15.4 billion.

TD says Schwab has agreed to repurchase US$1.5 billion of the shares.

The Canadian bank says it will continue to have a business relationship with Schwab through an insured deposit account agreement.

TD Bank chief executive Raymond Chun says the bank plans to use C$8 billion of the proceeds to repurchase its shares and plans to invest the balance of the proceeds in its businesses.

This report by The Canadian Press was first published Feb. 10, 2025.

Companies in this story: (TSX:TD)

The Canadian Press

MONTREAL — National Bank of Canada says it has completed its acquisition of Canadian Western Bank.

The Montreal-based bank says integration activities will now begin as it looks forward to onboarding CWB clients and employees in the coming months.

National Bank chief executive Laurent Ferreira says the combined organization will provide customers with an expanded product and service offering nationally, while maintaining regional expertise.

National Bank announced an all-stock deal to buy Canadian Western in June last year.

The takeover will see National Bank expand further westward as it takes on CWB’s Alberta and B.C.-focused operations.

CWB common shares are expected to be delisted from the Toronto Stock Exchange as of the close of business on Tuesday.

This report by The Canadian Press was first published Feb. 3, 2025.

Companies in this story: (TSX:NA, TSX:CWB)

The Canadian Press