Speedcast today announced it has completed the previously announced acquisition of Harris CapRock in a cash transaction valued at US$425 million. The combined entities create a global and diversified leader in remote communications and network services.
Speedcast will service thousands of vessels, hundreds of rigs and platforms, and enterprise and government customers around the world with a wide portfolio of communications and IT services, and an industry-leading global support network. This expanded global footprint and infrastructure, with over 240 field engineers around the world, is unique and will enable Speedcast to provide best-in-class services and support to our customers in over 100 countries.
The Harris CapRock integration planning phase is well under way and Speedcast expects to deliver US$24 million in cost synergies over the next two years.
“With the closure of the Harris CapRock acquisition Speedcast is now the global leader in our industry. The combined product portfolio and scale enables us to deliver innovative new solutions and world-class support to our customers around the world,” said Speedcast CEO Pierre-Jean Beylier. “I am excited to start the new year by welcoming the Harris CapRock team to Speedcast. Our people are our biggest asset and the strong talent of the Harris CapRock team will help us take Speedcast to a new level of industry leadership.”