Canada’s Telesat says MDA to build 198 satellites, shares soar

Satellite operator Telesat has given space tech firm MDA a C$2.1 billion ($1.56 billion) contract to build 198 satellites for its low-earth orbit program.

The deal announced on Friday sparked a more than 45% surge in both Telesat’s Canadian and U.S. shares, putting them on track for their best day ever. MDA, meanwhile, rose about 29%.