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Veritas Capital and Evergreen Coast Capital Buy Cubic Corporation
Posted on 05/25/2021
San Diego-based Cubic Corporation is an American public transportation and defense corporation. It operates two business segments, Cubic Transportation Systems and Cubic Mission and Performance Solutions, respectively.
Veritas Capital and Evergreen Coast Capital Corporation, an affiliate of Elliott Investment Management L.P., acquired Cubic Corporation for a transaction valued at approximately US$ 3 billion, including the assumption of debt. The go-private transaction, which was announced on February 8, 2021 and the terms of which were amended on March 31, 2021, received approval from Cubic shareholders on April 27, 2021. Cubic will remain based in San Diego, California, and the transition is expected to be seamless for customers and employees across Cubic’s businesses.
By Ross Wilkers
May 25, 2021
After a highly active process that started and restarted, Cubic Corp. said Tuesday it has completed the sale of itself to private equity firm Veritas Capital and activist hedge fund Elliott Investment Management.
Veritas and the Paul Singer-led Elliott group will pay $2.38 billion in cash to acquire Cubic and assume around $600 million in that company’s debt, bringing the deal’s enterprise value to roughly $3 billion.
For Cubic stockholders, that translates to a payment of $75 per share as the company ceases to be a publicly-traded entity on the New York Stock Exchange. Elliott is undertaking the acquisition through its own private equity arm named Evergreen Coast Capital.
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