Harris Corp. has sold its CapRock Communications subsidiary,
which provides satellite communications to more than 130 cruise ships, to an
Australian company for $425 million.
Carnival Corp. and Royal Caribbean Cruises Ltd. are CapRock's
two big cruise customers.
The new owner, Speecast International, had 2015 revenue of
$167.6 million, according to its annual report. In a recent financial
presentation, a Harris executive put CapRock's annual revenue at $240 million,
but said that is likely to decline.
The biggest market for satellite communications services is
the offshore energy sector, which has been hit by declining oil prices. Harris
provides services to about 1,000 energy sites.
Harris acquired CapRock in 2010 for $525 million.