Mergers and Acquistions News
Categories: Hardware
November 8th 2010, 16:54PM
Harris Corporation, a communications and IT firm, says it has entered into a definitive agreement to acquire the satellite business of Schlumberger Limited for $397.5 million (£246.3 million).
The Melbourne, Florida-headquartered firm says its purchase of Schlumberger Global Connectivity Services (GCS) will extend its reach in the managed satellite services sector for customers working in remote and "harsh" environments – typically oil and gas industries.
Harris will merge GCS with the recently acquired (July this year) CapRock Communications to form Harris CapRock Communications.
It has customers in over 50 countries, with key operations in the UK, Norway, Singapore and the US.
Harris forecasts GCS' calendar year revenues (ending December 31st 2010) to stand at $170 million.
"Combining Schlumberger GCS with CapRock Communications will create an organisation with unsurpassed global satellite network capabilities, broad service offerings, and a large experienced service team to provide customers with superior remote and in-the-field support," said Howard L. Lance, chairman, president and chief executive officer of Harris.
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