The latest move by SpeedCast's will strengthen their already strong position in the maritime industry as the firm announced they have entered into a definitive agreement to acquire Harris CapRock.
The transaction is valued at $425 million. Harris CapRock enjoyed a leading position within the fast-growing, and bandwidth-hungry, cruise ship sector. This new, combined entity will service more than 6,200 vessels, hundreds of rigs and platforms, and enterprise and government customers around the globe with a wide portfolio of communications and IT services as well as an industry-leading global support network. This expanded global footprint and infrastructure, with more 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 transaction is expected to complete by the end of Q1 2017 subject to customary closing conditions, including anti-trust and regulatory approval.
SpeedCast CEO, Pierre-Jean Beylier, stated that the acquisition of Harris CapRock is a transformational opportunity for his firm, enabling SpeedCast to become the global leader in the industry with a scale that enables the delivery of world-class services and support in more than 100 countries. Additionally, he added, Harris CapRock’s industry-leading product and technology portfolio also gives SpeedCast the ability to deliver innovative new offerings to customers across the Maritime, Energy, Enterprise, Telecom, and Government segments as well as the ability to build a leadership position in the Energy sector at an attractive stage in the market cycle.