SpeedCast International Limited (ASX: SDA), a leading global satellite communications and network service provider, today announced it has entered into a definitive agreement to acquire Harris CapRock in a cash transaction valued at US$425 million. Harris CapRock is a global leader in the Energy and Maritime segments. The acquisition strengthens SpeedCast’s already strong position in the Maritime industry, in which Harris CapRock has a leading position in the fast-growing and bandwidth-hungry Cruise sector, and creates a global leader in Energy, positioning the company for future growth.
The combined entity will service over 6200 vessels, hundreds of 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. This expanded global footprint and infrastructure, with over 240 field engineers around the world, will enable SpeedCast to provide best-in-class services and support to our customers in over 100 countries.
“The acquisition of Harris CapRock is a transformational opportunity for SpeedCast. 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. Harris CapRock’s industry-leading product and technology portfolio also gives us the ability to deliver innovative new offerings to customers across the Maritime, Energy, Enterprise, Telecom, and Government segments. The acquisition enables us to build a leadership position in the Energy sector at an attractive stage in the market cycle. I am also excited about how the combination of SpeedCast and Harris CapRock will accelerate our position in the Cruise sector, building on our acquisition of WINS Limited earlier in the year,” said SpeedCast CEO Pierre-Jean Beylier. “I am thrilled to welcome the Harris CapRock team to SpeedCast. Together we can expand the portfolio of services that we offer to our customers and position the combined group as an even stronger global provider of state-of-the-art communications and technology services.”
The transaction is expected to complete by the end of Q1 2017 subject to customary closing conditions, including anti-trust and regulatory approval.
About SpeedCast International Limited
SpeedCast International Limited (ASX: SDA) is a leading global satellite communications and network service provider, offering high-quality managed network services in over 90 countries and a global maritime network serving customers worldwide. With a worldwide network of 43 sales and support offices and 39 teleport operations, SpeedCast has a unique infrastructure to serve the requirements of customers globally. With over 5,000 links on land and at sea supporting mission critical applications, SpeedCast has distinguished itself with a strong operational expertise and a highly efficient support organization. For more information, visit www.speedcast.com.
Media Contact Information:
Clara So
Head of Marketing
clara.so@speedcast.com
+852 3919 6894
About Harris Corporation
Harris Corporation is a leading technology innovator, solving customers’ toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports customers in more than 100 countries and has approximately $7.5 billion in annual revenue and 21,000 employees worldwide. The company is organized into four business segments: Communication Systems, Space and Intelligence Systems, Electronic Systems and Critical Networks. Learn more at harris.com.
About Harris CapRock
Harris CapRock Communications is a premier global provider of managed satellite, terrestrial and wireless communications solutions for primarily the maritime and energy markets. Harris CapRock provides One Clear Path for its customers by utilizing a robust global infrastructure that includes teleports on six continents, four 24/7 customer support centers, a local presence in 24 countries and hundreds of global field service personnel supporting customer locations across North America, Central and South America, Europe, West Africa, Middle East and Asia Pacific. Learn more at harriscaprock.com.
For more information, please contact:
Media Contact Information:
Jim Burke
Harris Corporation
jim.burke@harris.com
321-727-9131
