The board of NCR Corporation (NYSE:NCR) approved the spin-off of ATM business on September 15, 2022. As per the transaction, each NCR stockholder will receive one share of NCR ATMCo common stock for every two shares of NCR common stock held. As part of the transaction, NCR will be separated into two independent, publicly traded companies, one focused on digital commerce, the other on ATMs. The separation is intended to be structured in a tax-free manner.

ATM business reported $3.8 billion revenue and $0.7 billion adjusted EBITDA in last twelve months ending June, 2022. The separation transaction will follow the satisfaction of customary conditions, including effectiveness of appropriate filings with the U.S. Securities and Exchange Commission, and the completion of audited financials. approved unanimously by the Board of Directors and is targeted for the end of 2023.

As of June 26, 2023, NCR has filed registration statement with the U.S. Securities and Exchange Commission. As of August 16, 2023, The U.S. Securities and Exchange Commission has declared effective the registration on Form 10. ATM business to be named Atleos.

BofA Securities, Inc., Goldman Sachs & Co. LLC, and Evercore Group L.L.C. as financial advisors to the NCR Board of Directors engaged. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor and Ernst & Young LLP acted as accountant to NCR Corporation.