Veritas Capital and Evergreen Coast Capital, an affiliate of Elliott Investment Management, have agreed to acquire Cubic (NYSE: CUB) for approximately $2.8 billion, or $70 in cash per share. The all-cash transaction includes the assumption of debt and is expected to be finalized during the second quarter of 2021, subject to regulatory clearances, shareholder approval and other customary closing conditions.
Cubic Corp to become private business
09 February 2021
by Marc Selinger
American private equity firms Veritas Capital and Evergreen Coast Capital have agreed to acquire US-based Cubic Corporation in a USD2.8 billion deal that will convert the publicly traded company into a private entity, Cubic announced on 8 February.
Cubic is based in San Diego, California. (Credit: Cubic)
Ramzi Musallam, CEO and managing partner of Veritas, said his firm plans to use its expertise in the government technology market to “accelerate product development and drive growth” at Cubic, which works in defence and transportation.
Bradley Feldmann, Cubic’s chairman, president, and CEO, said Cubic shareholders will receive a “significant premium”, and the business will gain a “premier, deeply experienced partner” to help fuel its growth.