Harris Corp Acquires CapRock Communications

Sunday, May 23, 2010

Harris Corporation (NYSE:HRS), an international communications and information technology company, has entered into a definitive agreement to acquire CapRock Communications, a global provider of mission-critical managed satellite communications solutions for the energy, government and maritime industries.

Established in 1981, CapRock managed network solutions include multiband, portable and fixed satellite communications services supported by its teleports and network operations centers around the globe.  CapRock designs, implements and operates these end-to-end managed network solutions under long-term contracts. 

Under the terms of the agreement, Harris will purchase privately held CapRock for $525m in cash, subject to post-closing adjustments.  CapRock’s  audited financial statements for calendar year 2009 included revenue of $359m; earnings before interest, taxes, depreciation and amortization (EBITDA) of $54m; and operating income of $28m.  The acquisition is expected to be slightly accretive to Harris earnings in fiscal year 2011, excluding acquisition-related charges, and a more significant contributor to earnings in fiscal year 2012.  The transaction is subject to customary regulatory reviews, FCC license approvals, and closing conditions, and it is expected to close during the first quarter of fiscal 2011.  Harris will finance the acquisition using a combination of cash on hand, commercial paper, and borrowings under its committed credit facilities. 

CapRock supports a wide range of customers in the energy, maritime and government industries, including Chevron, Diamond Offshore, ExxonMobil, Halliburton, MODEC, Shell, Transocean, KBR, Green Reefers, Gulf Offshore, Seatrans, Oceaneering, Subsea 7, the U.S. Department of Defense, Department of Homeland Security and other federal civilian agencies. 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Communication

Lowrance Renews Insight Genesis College Cup

Lowrance®, a world-leading brand in fishing electronics since 1957— announced today the renewal of its Insight Genesis™ College Cup. In its second year, the

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1066 sec (9 req/sec)