NCR Acquires Cardtronics in $2.5B Deal

ATLANTA — Atlanta-based NCR has reportedly closed a deal Monday to become the largest ATM company in the world.

NCR Corp., the financial technology company headquartered in Atlanta’s Midtown district, sealed the purchase of Cardtronics PLC. Before the acquisition, Houston-based Cardtronics was reportedly the world's largest non-bank operator and service provider, according to Yahoo! Finance.

NCR announced Monday morning that boards of directors for both companies signed off on the acquisition, bringing on the giant ATM company at $39 per share in cash, or about $2.5 billion including all debts.

NCR President and CEO Michael Hayford said in a statement that Cardtronics, with its more than 285,000 ATMs in 10 countries, would expand his company’s NCR-as-a-service strategy — a plan to service and secure existing machines on a subscription basis.

The transaction, Hayford said, “further shifts NCR’s revenue mix to software, services and recurring revenue, and adds value for our customers.”

As the COVID-19 pandemic has forced a change to banking habits, more people are relying on electronic banking as a way of conducting financial business. ATMs and teller machines with

Cardtronics CEO Edward H. West said the acquisition reflects his company’s strong position in the marketplace and the value his team brings to the table.

“We are pleased to announce this compelling transaction, which will deliver superior value to our shareholders,” West said in a statement.

The two companies have had a longstanding relationship, and the Cardtronics network of AllPoint ATMs complements NCR’s payment platform, Hayford said.

“The combined company will be able to seamlessly connect retail and banking customers,” he said. “Simply put, we are better together.”

The investment firms that NCR outbid — Hudson Executive Capital LP and Apollo Global Management, Inc. — would only raise the original offer to $35 per share, according to The Wall Street Journal’s Market Watch.