SpeedCast buys Harris CapRock for US$425m to create global player in remote communications and network services
SpeedCast International Limited, a global satellite communications and network service provider, has agreed to acquire Harris CapRock in a cash transaction valued at US$425 million.Harris CapRock is a global provider 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 provider 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 a 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 provider 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.
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