Author: Ramona Adams|| Date Published: January 3, 2017
Global satellite services company SpeedCast International has completed its $425 million cash acquisition of theCapRock Communications business from Harris (NYSE: HRS).
Harris said Tuesday it will use proceeds from the sale to reduce debt and return more cash to shareholders.
CapRock was part of the Melbourne, Florida-based military radio manufacturer’s critical networks segment and offers managed satellite, terrestrial and wireless communications services to the cruise and energy sectors.
Harris first announced the deal in November as the company worked to evaluate non-core businesses and address debt load after the completion of its $4.75 billion acquisition of Exelisin May 2015.
The sale also marks Harris’ first divestiture effort since the company signed an agreement with activist hedge fund Jana Partners last August.
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Global satellite services company SpeedCast International has completed its $425 million cash acquisition of the CapRock Communications business from Harris (NYSE: HRS).
