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MELBOURNE, Fla., May 24 (UPI) -- U.S. company Harris Corp. announced plans to purchase government and maritime satellite communications provider CapRock Communications to expand its footprint.
Harris said its $525 million acquisition of CapRock, a privately held company, provides Harris new access to the energies marketplace and strengthens its presence in the government and maritime industries with new managed satellite communications solutions.
CapRock offers multiband, portable satellite communications services along with fixed mission-critical solutions for users operating in remote or harsh regions of the world.
"We see increasing demand for outsourced managed communications services that include secure high-availability networks, creating growth opportunities across a variety of markets," said Howard Lance, Harris chairman, president and chief executive officer, said in a statement.
The definitive agreement for the acquisition, which includes cash on hand, commercial paper and borrowings from Harris, is subject to post-closing adjustments.
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