SoftBank Corp and Cubic Telecom Ltd announced that they signed a definitive agreement whereby SoftBank will invest approximately 473 million EUR in Cubic Telecom for a 51.0% equity stake in the company, at a valuation of over 900 million EUR. With this investment, SoftBank and Cubic Telecom will form a strategic global partnership to pioneer the future of software-defined connected vehicles and other high-value Internet-of-Things (IoT) assets by harnessing the power of global connectivity platforms. Cubic Telecom is a leading global provider of connectivity solutions to automotive, transportation and agriculture original equipment manufacturers (OEMs), and according to McKinsey & Company, 95% of new vehicles sold globally will be connected by 2030, and connected car use cases alone could deliver 250 billion USD to 400 billion USD in annual incremental value for the ecosystem, with Cubic Telecom poised to capture a leading share of this rapidly growing market.
