NCR Corporation (NYSE: NCR), a leading enterprise technology provider, today announced it has received final approval to combine with Cardtronics from the Competition and Markets Authority (CMA) of the
WASHINGTON (dpa-AFX) - ATM operator NCR Corp. (NCR) announced Tuesday it has received final approval to combine with Cardtronics, Inc. (CATM) from the Competition and Markets Authority (CMA) of
CEO Michael Hayford wants to transform Cardtronics' ATM fleet into a distribution network for fintech services. But first he has to persuade the company to accept his offer.
NCR Corp. offered to buy Cardtronics Plc for more than $1.7 billion, beating an earlier bid for the ATM operator from Apollo Global Management Inc. and a partner.
NCR confirmed Monday it offered to buy
Cardtronics for $39 a share, or about $1.7 billion without debt, setting off a potential bidding war for the ATM operator.
NCR’s (ticker: NCR) proposal beats an offer from
Apollo Global Management (APO) and activist hedge fund Hudson Executive Capital. The two, in December, agreed to buy Cardtronics (CATM) for $35 a share, or roughly $1.6 billion, without debt. Apollo-Hudson’s offer for Cardtronics jumps to about $2.3 billion after including roughly $700 million in debt.
“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,” said Michael Hayford, NCR’s president and