Cubic Announces Purchase of NEK Special Programs Group for $52M
Cubic Corporation (NYSE: CUB) has acquired from NEK Advanced Securities Group, Inc. the operating assets of its NEK Special Programs Group, LLC subsidiary, their Special Operation Forces training business based in Fayetteville, NC and Colorado Springs, Colo. The all-cash transaction closed on December 14, 2012 with a total consideration of $52 million subject to the terms of the purchase agreement.
The assets are being acquired by NEK Services, Inc., a wholly owned subsidiary of Cubic Corporation, and will operate under the leadership of Jim Balentine, President of Cubic Mission Support Services. The more than 200 highly skilled and experienced operational and technical experts of NEK's Special Operations Forces training business will become employees of Cubic and significantly expand the company's current knowledge base in advanced tactical training, surveillance /counter surveillance, mission planning, and personnel recovery.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.