Cubic Corporation announced on Wednesday it has accepted a proposal from Veritas Capital and Evergreen Coast Capital to increase the price per share of their pending acquisition of Cubic to $75.00 per share in cash. By accepting the proposal, Cubic has entered into an amended agreement with Veritas and Evergreen. The all-cash transaction will be valued at approximately $3 billion.
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Frank Muth and John Roberti, former military officers who are now private sector executives, have been named independent members of the National Defense University Foundation's board of directors. Tara Murphy Dougherty, CEO of defense company Govini and a former Department of Defense staffer, also joined the board with Muth and Roberti, NDU Foundation said Tuesday.
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A Cubic company has received a three-year contract worth approximately $10 million to help the Department of Defense develop a lightweight and compact dual-band transceiver for military 5G networks. Cubic Nuvotronics, which falls under the mission and performance solutions segment, secured the award through the National Spectrum Consortium and will build a low size, weight and power 5G wireless network communications transceiver to support the DOD's “5G to Next G“ effort, Cubic said Wednesday.
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Nuvotronics, a business within Cubic's mission and performance solutions segment, has received a contract from the U.S. Army to produce a surrogate payload that could substitute for a satellite communication in satcom-denied scenarios. The contractor said Tuesday it will develop a high-altitude balloon payload that could enable contingency communications and support Wideband Global Satellites surrogate operations during electronic or kinetic attacks.
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Lockheed Martin has ordered more than 150 training subsystems for the F-35 Lightning II Air Combat Maneuvering Instrumentation system from Cubic's mission and performance solutions business under a $32 million contract between the two companies.
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Cubic Corporation has entered into a definitive agreement with an affiliate of Veritas Capital, under which Veritas and Evergreen Coast Capital, an affiliate of Elliott Investment Management, will acquire Cubic for $70.00 per share in cash. The all-cash transaction is worth approximately $2.8 billion, including the assumption of debt.
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Cubic's transportation systems business has released a mobile application designed to allow contactless fare payments for commuters in Los Angeles County in California. Commuters may now use the TAP application on the Android operating system to pay fares virtually by holding their mobile devices near TAP validators within trains and buses.
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Tyndall Air Force Base has hosted a demonstration of a Cubic-made software suite designed to analyze kinetic and non-kinetic effects during training exercises. Cubic said Wednesday its Simplified, Planning, Execution, Analysis, Reconstruction or SPEAR suite facilitated user experience across more than 75 aircraft at the Checkered Flag 21-1 exercise.
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Cubic's Nuvotronics subsidiary plans to add a 14-inch substrate carrier line within its manufacturing facility in Durham, North Carolina, in anticipation of increased demand for millimeter-wave technology across the defense, space and commercial sectors.
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