Benzinga | Dec 15, 2020 07:45AM EST

Cardtronics Enters Into Definitive Agreement To Be Acquired For $35/Share By Funds Affiliated With Apollo Global Management And Hudson Executive Capital

HOUSTON and NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Cardtronics plc (NASDAQ:CATM) ("Cardtronics" or the "Company"), the world's largest ATM owner/operator, today announced that it has enteredHOUSTON and NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Cardtronics plc (NASDAQ:CATM) ("Cardtronics" or the "Company"), the world's largest ATM owner/operator, today announced that it has entered into a definitive agreement with funds (the "Apollo Funds") managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") and Hudson Executive Capital LP ("Hudson Executive") to be acquired for $35.00 per share in cash.



The $35.00 per share transaction price represents a 60% premium to Cardtronics' volume-weighted average share price over the 30 trading days prior to December 8, 2020 and a 35% premium to its closing share price on December 8, 2020, the day prior to the announcement of Hudson Executive's disclosure of its joint proposal with the Apollo Funds to acquire the Company. The transaction price indicates an enterprise value of $2.3 billion, including net debt.

"This announcement represents an exciting milestone for Cardtronics and is a testament to the strength and value of our company and the talented team we have in place," said Ed West, CEO of Cardtronics. "Our Board of Directors regularly evaluates all opportunities that have the potential to maximize value for shareholders. Following a comprehensive process and review of alternatives, which included discussions with strategic buyers and financial sponsors, the Board determined that this transaction is in the best interest of the Company and our shareholders."

Continued Mr. West, "As a private company, supported by Apollo and Hudson Executive, we will have increased flexibility and resources to further invest in our business to accelerate growth and innovation. We look forward to leveraging Apollo and Hudson Executive's deep knowledge and experience investing in and growing companies like ours, as we drive value for our partners, employees, and other stakeholders."

"Cardtronics is uniquely positioned within the increasingly complex, global payments ecosystem," said Apollo Partner Robert Kalsow-Ramos. "Looking ahead, we see tremendous opportunity to accelerate growth through investment in the Company's network, capabilities and people. We are excited to work closely with Ed and the broader team on this next phase of growth and are committed to delivering best-in-class service and innovative new products for Cardtronics' valued partners."

"Cardtronics sits in the critical nexus between the cash and digital economies. Its broad trusted network of products and solutions provides significant value to financial institutions, leading retailers and its rapidly growing group of fintech partners," said Douglas L. Braunstein, Managing Partner and Founder of Hudson Executive Capital LP. "Together with our partners at Apollo, we are excited about the Company's fundamental strengths and the continued value it can deliver to all stakeholders, and I look forward to continue working with the Cardtronics team."