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The sale of Harris Corp’s subsidiary CapRock Communications to Speedcast International, has closed.
Harris announced the sale of CapRock to Hong-Kong and Australia-based Speedcast last October, for $425 million (€404.8m) in cash. The sale has now wrapped.
The sale places Speedcast as one of the world’s largest satellite communications networks, with an especially large presence in the maritime market with connectivity to some 6200 vessels and off-shore oil platforms.
“With this acquisition, SpeedCast becomes the global leader in the industry, with a scale that enables us to deliver world-class services and support in over 100 countries,” said SpeedCast CEO Pierre-Jean Beylier.
Speedcast is seemingly getting something of a bargain in the price paid considering that Harris bought CapRock only in 2010 and paid $525 million for the business. Harris says it will use the funds to pay down corporate debt and return cash to shareholders.