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The space technology firm behind the iconic Canadarm is returning home after being bought by an investor group that includes prominent business leaders John Risley and Jim Balsillie.

The $1-billion deal to acquire MDA — once-known as MacDonald, Dettwiler and Associates — from Colorado-based Maxar Technologies Inc., will see the company’s headquarters move back to Canada, the group said.

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Balsillie, the former co-CEO of BlackBerry Inc., is also expected to take a seat on the company’s board of directors.

Photo by MacDonald, Dettwiler and Associates

Northern Private Capital, an investment firm connected to Risley, who co-founded Clearwater Fine Foods, is leading the transaction, which comes amid a spike in interest in space-based technologies.

“We think that the space sector has got a real tailwind behind it, and we think that this company is as well-positioned as any to capitalize on that in a more diversified way,” Andrew Lapham, NPC’s chief executive, said in an interview with the Financial Post on Monday.

A source close to the acquisition said that separating MDA from Maxar will give the space technology firm more room to pursue partnerships with other companies active in the rapidly growing sector.

In the past few years, the price to launch a small satellite into low earth orbit has come down dramatically, opening up new business opportunities, leading to a flood of new players in space.