NCR has made a cash offer worth more than $1.7 billion to buy Cardtronics, trumping a bid made late last year for the ATM operator by Apollo Global Management and Hudson Executive Capital.
ATM manufacturer NCR says it is offering $39 a share for Cardtronics, beating the $35 per share deal proposed by Apollo and Hudson, acccording to finextra.com.
Michael Hayford, President and Chief Executive Officer of NCR, stated, “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.“
Cardtronics runs 285,000 ATMs in 10 countries and claims giant banks and merchants, as well as small businesses among its clients.
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