Cubic completes sale of Cubic Global Defense Services to Valiant Integrated Services
On June 1, San Diego, CA-based Cubic Corporation announced the successful closing of its divestiture of the Cubic Global Defense (CGD) Services business to Valiant Integrated Services. Cubic received approximately $135 million cash at closing on a debt free, cash free basis, plus $3 million of contingent consideration tied to certain contract wins expected over the next 12 to 24 months.
“The close of our CGD Services business divestiture to Valiant is an important step for Cubic as we work to ensure we are best positioned to drive sustainable long-term value for our customers, employees and shareholders,” said Bradley Feldmann, chairman, president and chief executive officer of Cubic Corporation. “As we continue to reshape and strengthen our portfolio of businesses, we will focus on building market-leading positions where we can leverage our technological and thought leadership to provide innovation-driven solutions to our customers’ advantage.”
CGD Services is a non-Original Equipment Manufacturer (OEM) providing training, operations, intelligence, maintenance, technical and other support services to the U.S. government, its agencies and allied nations. CGD Services business had fiscal year 2017 revenue of $378 million and is comprised of approximately 3,500 employees working in 10 countries throughout the world.