The acquisition is expected to add a network of 285,000 ATMs across 10 countries to the portfolio of NCR
NCR, a technology provider for financial industry, has offered to acquire all the shares of non-bank ATM operator Cardtronics for $39 per share or $1.7bn in total.
The offer from NCR is higher than the bid made by Apollo Global Management and Hudson Executive Capital that offered a price of $35 per share to acquire Cardtronics last month.
Few days go, Cardtronics, in a Securities and Exchange Commission (SEC) filing, stated that it has received an unsolicited offer from a ‘third party’ to acquire it for $39 per share.
The company did not disclose details about the ‘third party’.
Further, Cardtronics stated that its board of directors has reviewed the proposal, and has entered into a non-disclosure agreement with the third party to facilitate discussions and negotiations with the third party.
Established in 1989, Cardtronics is a Houston, Texas-based financial services technology company that operates more than 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa.
NCR president and CEO Michael Hayford said: “The acquisition of Cardtronics will accelerate and expand the NCR-as-a-service strategy that we outlined at our Investor Day last month.
“Cardtronics’ debit network is highly complementary to NCR’s payments platform and will enable the combined company to seamlessly connect retail and bank customers while capitalizing on the banking industry’s transition toward infrastructure outsourcing.”
In July 2019, NCR acquired D3 Technology, a Nebraska-based digital banking solutions provider.
D3 Technology’s digital banking platform supports financial institutions to increase engagement, reduce complexity and help to innovate quickly.
NCR said that the deal would expand its Digital Banking solution into new market segments, covering large banks in the US, and subsequently international banks.