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.
Advisors
J.P. Morgan Securities LLC is acting as lead financial advisor to the Company and Sidley Austin LLP and Faegre Drinker Biddle & Reath LLP are acting as the Company’s legal counsel. Raymond James & Associates, Inc. provided the Board with an opinion regarding the fairness, from a financial point of view, of the consideration offered to Cubic shareholders.
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Veritas.
Gibson, Dunn & Crutcher LLP is acting as legal counsel to Evergreen.
Elliott Investment Management L.P. manages two multi-strategy investment funds which combined manage approximately $42 billion of assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management.
In March 2021, Cubic Corporation received an unsolicited offer from Singapore’s ST Engineering to buy the company for about $2.4 billion. Cubic opted for the Veritas deal.