Do people still use ATMs in real life? If you’re NCR, you’d wish the answer is… hopefully, yes.
NCR Corporation (NCR), which is a maker of ATMs and point-of-sale systems, bought off ATM operator Cardtronics Plc (CATM) for an astounding USD 1.7b in an all-cash deal at USD 39 per share. They beat a previous bid from Apollo Global Management Inc. and Hudson Executive Capital LP, who proposed to purchase their shares at USD 35 per share last year.
Cardtronics has around 285,000 ATMs across different countries and has often successfully partnered with banks who want to give their customers access to cash even as they reduce their number of physical branches.
The ATM-maker said it believed Cardtronics’ network was “highly complementary” to their payments platform and will “enable the combined company to seamlessly connect retail and bank customers.”