Harris Corp To Sell CapRock Business To SpeeCast In $425 Mln Cash Deal

(RTTNews) - Harris Corp. (HRS) Tuesday announced a definitive agreement with SpeedCast International by which SpeedCast will acquire Harris' CapRock Communications commercial business for $425 million in cash.

Harris intends to use the proceeds to pay down debt and return cash to shareholders. The transaction is expected to close in the first calendar quarter of 2017.

William Brown, chairman, president and chief executive officer of Harris said, "The sale of CapRock, which has been underway since early this calendar year, demonstrates our execution against this objective and will create value for shareholders. We will continue to optimize our portfolio to become a more focused company positioned for long-term growth."

Houston, Texas - based CapRock is a premier global provider of managed satellite, terrestrial and wireless communications solutions for the cruise and energy markets.