U.S.-based public transport company Cubic Corp. has bought disruptive technology provider Nuvotronics.
The purchase price was considered at approximately $64 million in cash, subject to customary adjustments, with additional earn-out payments of up to $8 million based on future performance.
With the acquisition, Cubic will ramp up multiple innovation initiatives across its protected communications portfolio and beyond and capture significant supply chain synergies.
Cubic, which funded the deal using its existing credit facility, anticipates the move to be accretive to cash earnings per share by the second full year of operations.