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Melbourne, Florida-based Harris Corp. has acquired privately-held CapRock (News - Alert) for $525 million in cash, subject to post-closing adjustments.

Harris Corp. is a communications and information technology company with global presence. The company serves government and commercial markets in more than 150 countries.

A few months ago, Harris Corp had announced that the acquisition of Houston-based CapRock was on their agenda. Through a recent press release, Harris Corp informed that it has at last capped the multimillion dollar buy-out.

Private equity firm ABRY Partners was the majority owner of CapRock. Post acquisition, CapRock Communications (News - Alert) will operate as a wholly owned subsidiary of Harris Corp. and CapRock Communications CEO Peter Shaper will serve as president of the business.

CapRock is a global satellite communications provider for the energy, government, maritime, engineering, and construction and mining industries, as well as for disaster recovery services. CapRock’s revenue in 2009 was $359 million, with earnings before interest, taxes, depreciation and amortization of $54 million and operating income of $28 million. The company has nearly three decades of experience.

The company uses the latest field-proven satellite technologies to deliver highly-reliable managed communications services, including broadband Internet, voice over IP, secure networking and real-time video, to the world's harshest and most remote locations. CapRock leverages partnerships, technical expertise and a global infrastructure that includes four self-owned and operated teleports and 11 regional support centers across North America, Central and South America, Europe, West Africa and Asia Pacific.

Harris Corp  recently reported its fourth quarter results. The company reported GAAP income from continuing operations for the fourth quarter of fiscal 2010 of $151 million, or $1.16 per diluted share, compared with a loss of $84 million, or $.63 per diluted share, in the prior-year quarter.

“With this acquisition we further increased the breadth of our assured communications capabilities, entered new vertical markets, and increased our international presence,” Howard L. Lance, chairman, president and chief executive officer, said.

According to the industry-watchers, the acquisition is expected to be slightly accretive to Harris earnings in fiscal 2011, excluding acquisition-related costs. It is expected that the acquisition is going to prove a more significant contributor to earnings in fiscal 2012.