Covington Advises Veritas on Cubic Acquisition

WASHINGTON—Covington is advising Veritas Capital on the acquisition of Cubic by Veritas and Evergreen Coast Capital for $2.8 billion. The transaction is expected to close during the second quarter of 2021.

Cubic is a technology-driven provider of integrated solutions that increase situational understanding for transportation, defense C4ISR, and training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness. Veritas is a longstanding investor in companies that provide critical products and services to government and commercial customers worldwide, including those operating in the government services, national security, software, education, aerospace and defense, healthcare, communications, and energy industries. Evergreen is a private equity affiliate of Elliott Investment Management that focuses on technology investing.

Covington is assisting Veritas on government contracts and other regulatory aspects of the transaction. The Covington team is led by partner Scott Freling and special counsel Nooree Lee. The team also includes Carl Wiersum, Paul Rowley, Maria Adebayo, and Alex Hastings (government contracts); Charles Carroll, Brian Yang, and Bill Collins (public-private partnerships); Matt DelNero, Corey Walker, and Thom Parisi (communications); Jonathan Wakely and B.J. Altvater (national security); Trisha Anderson and Darby Rourick (cybersecurity); and Zack Parks, Matt Shapanka, and Elizabeth Upton (political law).