“The acquisition of Cardtronics will accelerate and expand the NCR-as-a-service strategy that we outlined at our Investor Day last month,” NCR President and Chief Executive Officer Michael Hayford said in a Monday (Jan. 11) press release.
He added that Cardtronics’ debit network complements NCR’s payments platform and the combined new entity will offer a comprehensive connection of retail and bank customers “while capitalizing on the banking industry’s transition toward infrastructure outsourcing.”
NCR’s $39 per share all-cash offer topped Apollo Global Management’s earlier bid for $35 per share to acquire Cardtronics, Bloomberg reported. Shares of Cardtronics climbed 0.3 percent to reach $41.19 as of Monday morning.
With a global network of 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific and Africa, Cardtronics has teamed up with numerous lenders that shuttered physical branches but still wanted to offer customers instant access to cash.
Cardtronics’ biggest backer — Hudson Executive — owns a 19.44 percent stake, according to Refinitiv data, per Reuters. Other investors include Blackrock Institutional Trust and Vanguard Group.
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Headquartered in Atlanta, Georgia, NCR offers products and services that help businesses interact with their customers. Cardtronics, based in Houston, Texas, specializes in managing ATMS and self-service financial kiosks.
In mid-December, Cardtronics announced a $35 per share offer by Apollo Global Management and Hudson Executive Capital. According to a filing with the Securities and Exchange Commission (SEC), Cardtronics CEO Ed West said selling the company will help it move beyond helping ATM users withdraw cash.
