SpeedCast buys Harris CapRock for $425m
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Satellite services provider SpeedCast has arranged to acquire Harris CapRock for $425 million, to strengthen its presence in the maritime industry.
CapRock also has a large presence in the energy industry, giving SpeedCast an avenue for future expansion.
The combined company will service over 6,200 maritime vessels, hundreds of offshore edge and platforms, as well as enterprise and government customers worldwide.
“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,” Speedcast CEO Pieere-Jean Beylier said.
“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.”
He said the acquisition will also help SpeedCast expand its presence in the cruise ship segment of the maritime market, building on the company’s acquisition of Europe-based WINS Limited from Eutelsat Communications and Maltasat for €60 million ($66.3 million) earlier this year.
The deal requires anti-trust and regulatory approval, and is expected to be complete by the end of the first quarter next year.
Questions & Answers
Q.What specific industries will the combined company serve after the acquisition?
What specific industries will the combined company serve after the acquisition?
The combined company will serve the maritime industry, including over 6,200 vessels, and hundreds of offshore edge and platforms. It will also cater to enterprise and government customers globally.
Q.What is the primary motivation for SpeedCast to acquire Harris CapRock?
What is the primary motivation for SpeedCast to acquire Harris CapRock?
SpeedCast aims to strengthen its presence in the maritime industry and use CapRock's large presence in the energy sector for future expansion. The acquisition also establishes SpeedCast as the global industry leader.
Q.When is the acquisition of Harris CapRock expected to be finalised?
When is the acquisition of Harris CapRock expected to be finalised?
The acquisition is expected to be complete by the end of the first quarter next year. This is subject to obtaining anti-trust and regulatory approval.
Q.How will this acquisition impact SpeedCast's presence in the cruise ship market?
How will this acquisition impact SpeedCast's presence in the cruise ship market?
The acquisition will help SpeedCast expand its presence in the cruise ship segment of the maritime market. This builds on their earlier purchase of Europe-based WINS Limited.
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