Cubic Buys Serco’s U.K. Transport, Maintenance Divisions for $70M; Ed Casey Comments

Cubic has acquired Serco‘s U.K. transport technology and London streets maintenance businesses for approximately $70.3 million, the Wall Street Journal reported Wednesday.

Rory Gallivan writes the international service company sold the units because of foreseen compatibility issues that future profits will bring to Serco’s other transport-related assets.

“In the U.K., these particular maintenance and technology operations had become non-core to the future development of our transportation strategy,” said Ed Casey, acting chief executive at Serco.

 “Transport continues to be a key market for Serco in which we are bidding for a number of major new transport contracts,” said David Stretch, Serco partnership director for transport.