NCR Corporation announced on Tuesday (Aug. 10) that the Competition and Markets Authority (CMA) of the United Kingdom has given the company final approval to combine with non-bank ATM operator Cardtronics.
Under the terms of the deal, NCR acquires all outstanding shares of Cardtronics for $39 per share in an all-cash transaction of about $2.5 billion, including debt.
Read more: NCR Inks $2.5 Billion Acquisition Deal For Cardtronics At $39 Share Price
The CMA approved the transaction with no conditions, according to the announcement, meaning that all regulatory approvals and consents are in place to complete the transaction.
“NCR and Cardtronics can now operate as one company,” said Michael D. Hayford, president and CEO of NCR Corporation, in the joint announcement. “The integration between NCR and Cardtronics will begin immediately. This combination of two trusted brands accelerates the NCR-as-a-Service strategy. We thank the CMA for conducting a thorough and efficient review.”
The combined company aims to facilitate easier connections between retail and banking customers.
“This transaction accelerates the NCR-as-a-Service strategy we laid out at Investor Day in December, further shifts NCR’s revenue mix to software, services and recurring revenue, and adds value for our customers,” he said at the time. “[Cardtronics’] Allpoint network is highly complementary to NCR’s payments platform, and the combined company will be able to seamlessly connect retail and banking customers. Simply put, we are better together.”
Related news: NCR To Buy Crypto ATM Network
Last week, Georgia-based NCR announced in a news release that it had signed a definitive agreement to acquire cryptocurrency software maker LibertyX in hopes of offering customers the ability to make quick and easy digital currency payments.
Software from LibertyX runs on ATMs, kiosks and point-of-sale (POS) systems. LibertyX works with independent operators such as Cardtronics, who own and manage ATMs including those found at convenience stores, supermarkets and pharmacies.
NCR will offer the LibertyX platform to banks, retailers and restaurants through its digital wallet and mobile applications.
Financial terms of the NCR-LibertyX deal, which is set to close later this year, were not released.
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