Summary
L3Harris Technologies, Inc. (LHX), formerly Harris Corporation, announced a significant strategic move on May 20, 2010, by entering into a definitive Agreement and Plan of Merger to acquire CapRock Holdings, Inc. for an aggregate cash purchase price of $525 million. CapRock is a global provider of mission-critical managed satellite communications solutions, serving the energy, government, and maritime industries, with a focus on secure, reliable services in remote locations. This acquisition is expected to close in the first quarter of Harris' fiscal year 2011, subject to customary closing conditions including antitrust approvals and regulatory clearances from various governmental entities. The transaction, which represents a substantial investment for Harris, aims to expand its service offerings and market reach, particularly in the government and energy sectors. The filing also details an internal management change, with Daniel R. Pearson appointed as Executive Vice President and Chief Operating Officer, effective June 1, 2010.
Key Highlights
- 1Harris Corporation to acquire CapRock Holdings, Inc. for $525 million in cash.
- 2CapRock Holdings is a provider of managed satellite communications solutions for energy, government, and maritime sectors.
- 3The acquisition is structured as a merger where CapRock will become a wholly owned subsidiary of Harris.
- 4The transaction is subject to customary closing conditions, including antitrust review and various governmental approvals.
- 5Closing is anticipated during the first quarter of Harris' fiscal year 2011.
- 6Daniel R. Pearson appointed as Executive Vice President and Chief Operating Officer of Harris, effective June 1, 2010.
- 7The filing includes press releases announcing the merger agreement and the management change.