Market Overview

Webtech to Sell NextBus to Cubic for Proceeds of $20.75M

Related CUB
US Stock Futures Edge Higher Ahead Of Jobs Data
Cubic Defense Systems Awarded $35M Contract to Support, Repair Area Weapons Effects Simulator for British Army

Webtech Wireless Inc., a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced that it closed the sale of NextBus division to Cubic Transportation Systems, Inc., a division of Cubic Corporation (NYSE: CUB), for total cash proceeds of $20,750,000. Under the terms of today's agreement, Cubic will acquire all contracts, assets and rights related to the NextBus division, including the shares of NextBus Inc. a wholly owned subsidiary of the Company located in Emeryville CA. The agreement includes a provision under which Webtech Wireless will provide ongoing hardware and ASP services to NextBus.

Posted-In: News M&A

 

Related Articles (CUB)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters