Harris Merges Schlumberger, CapRock, Core180 Acquisitions into Single Unit
[Satellite TODAY 04-07-11] Harris Corp. completed its acquisition of Schlumberger Global Connectivity Services (GCS) and has combined the business with its existing Maritime Communications Services unit and its recently acquired subsidiary, CapRock Communications, Harris announced April 5.
Schlumberger GCS and CapRock will incorporate infrastructure assets from Core180‘s government business to form Harris CapRock Communications. The new unit aims to provide managed communications services for remote and harsh environments including those in the energy, government and maritime industries.
Harris purchased the Schlumberger GCS business in November for $397.5 million in cash. Harris said the goodwill generated from the acquisition would be an allowable tax expense with an estimated net present value of $50 million, resulting in a final purchase price of $347.5 million.