Veritas Capital and Evergreen Coast Capital to acquire Cubic

Cubic said today it has agreed to be acquired by affiliates of private-equity firms Veritas Capital and Evergreen Coast Capital for $70 per share in cash in a deal worth about $2.8 billion.

"Following the closing of the transaction, the company will remain based in San Diego, California," Cubic said. "The transaction is expected to be seamless for customers and employees across Cubic's businesses."

The deal is expected to close later this year and requires shareholder and regulatory approvals.