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  • Friday, April 26, 2024

Valiant Closes $135M Purchase of Cubic’s Global Defense Services Business; Bradley Feldmann Comments


Bradley Feldmann

Valiant Integrated Services has wrapped up its approximately $135 million cash acquisition of Cubic’s (NYSE: CUB) global defense services business.

Bradley Feldmann, Cubic chairman, president and CEO, said in a statement published Friday the completion of the divestiture is a significant step for the company as it works to achieve and bring long-term value to clients, shareholders and employees.

Feldmann added that Cubic will continue to build up its portfolio of businesses and leverage its thought leadership and technological experience to deliver novel platforms to customers.

The deal that was originally announced in April includes approximately $3 million in additional payment to Cubic contingent on contract wins over the next 12 months to two years.

Cubic’s global defense services business, which reported $378 million in fiscal 2017 revenue, operates with approximately 3,500 employees across 10 countries and provides training, technical, operations, maintenance and intelligence support services to U.S. agencies and allied countries.

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