Summary
This 8-K filing by Harris Corporation (now L3Harris Technologies, Inc.) on April 5, 2011, reports on two significant corporate actions: the completion of the acquisition of the Global Connectivity Services business from Schlumberger B.V. for $397.5 million cash, and the acquisition of Carefx Corporation. The Schlumberger business primarily serves the oil and gas industries with global communication services. The Carefx acquisition expands Harris's presence in healthcare IT, specifically in interoperability workflow solutions. For investors, the key takeaway is Harris Corporation's active pursuit of growth through strategic acquisitions. The acquisition of the Schlumberger business represents a material investment aimed at bolstering its capabilities in a specific industry vertical. The simultaneous acquisition of Carefx signals diversification into the growing healthcare technology sector. These moves indicate management's strategy to enhance market position and revenue streams through consolidation and expansion into new, synergistic areas.
Key Highlights
- 1Harris Corporation completed the acquisition of Schlumberger's Global Connectivity Services business for $397.5 million cash on April 4, 2011.
- 2The acquired business provides global communications services, primarily to the oil and gas sector.
- 3Harris Corporation also completed the acquisition of Carefx Corporation, a provider of healthcare interoperability workflow solutions.
- 4The transactions were previously disclosed in an 8-K filing on November 12, 2010, for the Schlumberger deal.
- 5The company assumed liabilities related to the acquired business, with specific exclusions and indemnities outlined in the sale agreement.
- 6Master services and transitional services agreements were entered into with Schlumberger B.V. and its affiliates post-acquisition.
- 7The filing includes press releases as exhibits announcing the completion of both acquisitions.