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Fast-growing satellite communications and facilities company Speedcast is to buy Harris CapRock, for $425 million (€386m).
Harris CapRock has a strong position in supplying bandwidth and connectivity in the Energy and Maritime sectors. The acquisition strengthens SpeedCast’s already strong position in the Maritime industry, in which Harris CapRock has a leading position, and in particular, in the fast-growing and bandwidth-hungry Cruise sector, and creates a global leader in Energy.
The combined entity will service over 6,200 vessels, hundreds of oil rigs and platforms, and enterprise and government customers around the world with a wide portfolio of communications and IT services, and an industry-leading global support network.
Speedcast has expanded rapidly over the past year or two. The company already either owns or operates 39 teleports around the world. Founded in 1999, and initially majority owned by AsiaSat, the company was itself acquired by TA Associates in Sept 2012. It has since acquired three major businesses, Australian Satellite Communications in Dec 2012, Elektrikom Satellite (based in the Netherlands) in Jan 2013 and Pactel in April 2013.
The company is listed on the Australian Stock Exchange.