Skadden, Arps, Slate, Meagher & Flom and Covington & Burling are advising Veritas Capital on a plan to purchase defense and transportations systems provider Cubic Corp.
An affiliate of hedge fund Elliott Investment Management, Evergreen Coast Capital Corp., is joining a Veritas affiliate in purchasing Cubic at $70 per share, according to the companies’ statement Monday.
Gibson, Dunn & Crutcher is advising Evergreen, while Sidley Austin and Faegre Drinker Biddle & Reath are advising Cubic.
The all-cash transaction is expected to be valued at around $2.8 billion, including debt. After closing, which is expected in the second quarter, Cubic will remain in San Diego.
Ramzi Musallam, CEO and managing partner of Veritas, said Cubic has a history of delivering innovative technology-based solutions to address mission-critical needs of the global transportation and defense markets.
“We look forward to leveraging our expertise in the government technology market--a key focus of Veritas since our inception--in partnership with the team at Cubic to accelerate product development and drive growth,” Musallam said.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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