Jan 25 (Reuters) - NCR Corp said on Monday it would
buy Cardtronics Plc in an all-cash deal valuing the ATM
operator at about $2.5 billion, including debt, after outbidding
investment firms Apollo Global Management Inc and Hudson
Executive Capital LP.
Atlanta-based NCR, which makes ATMs and self-service kiosks
for retailers and restaurants, will buy all outstanding shares
of Cardtronics for $39 apiece, according to the statement. The
price represents a discount of about 4.6% to Cardtronics' last
The deal comes after funds managed by affiliates of Apollo
and Hudson Executive Capital LP decided not to raise their
earlier bid of $35 per share for Cardtronics.
Cardtronics runs 285,000 ATMs in 10 countries and has
processed 2.6 billion transactions since 2019, according to its
website. Its customers include big financial institutions, large
merchants, small businesses and independent ATM distributors.
With a 19.44% stake, Hudson Executive is Cardtronics'
largest investor, according to Refinitiv data. The Houston-based
operator also counts Blackrock Institutional Trust and Vanguard
Group among its investors.
NCR's Chief Executive Officer Michael Hayford said the deal
would pave the way for the combined company to connect their
retail and banking customers.
BofA Securities was the financial adviser to NCR, while
Goldman Sachs & Co was the financial adviser for Cardtronics.
(Reporting by Niket Nishant in Bengaluru; Editing by Devika