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

Communication

Body Of Korean Boy Who Raised Alarm On Sinking Ferry Found

The body of a South Korean boy whose shaking voice first raised the alarm that a passenger ferry with hundreds on board was in trouble has been found, his parents believe,

Boy Passenger Made Initial Distress Call from Sinking Ferry

The first distress call from a sinking South Korean ferry was made by a boy with a shaking voice, three minutes after the vessel made its fateful last turn. He

Harris Corp Awarded Huge Navy Satcom Contract

Florida-based Harris Corporation informs it has been awarded a US Navy potential US$133-Million broadband satellite communication terminal contract. Highlights:

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0945 sec (11 req/sec)