Veritas Capital, Evergreen Wrap Up Cubic Acquisition

Veritas Capital and Evergreen Coast Capital, an affiliate of Elliott Investment Management, have closed the acquisition of Cubic for approximately $3 billion.

Cubic said Tuesday it will remain headquartered in San Diego and stop trading on the New York Stock Exchange under the go-private transaction.

Cubic stockholders approved an amended buyout offer of Veritas and Evergreen on April 27. In late March, Cubic signed a revised agreement with the two private equity firms that would allow it to be acquired for $75 in cash per share under an all-cash transaction that includes the assumption of debt.

J.P. Morgan Securities acts as lead financial adviser to Cubic and Sidley Austin and Faegre Drinker Biddle & Reath advise the company on the deal’s legal aspects. Raymond James & Associates shared its insights on the transaction with Cubic’s board.

Skadden, Arps, Slate, Meagher & Flom serves as Veritas Capital’s legal counsel. Evergreen’s legal adviser in the transaction is Gibson, Dunn & Crutcher.

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