RTTNews | Jan 25, 2021 08:53AM EST

08:53 Monday, January 25, 2021 (RTTNews.com) - ATM operator NCR Corp. (NCR) said Monday that it agreed to buy Cardtronics (CATM) for $39.00 per share in an all-cash transaction with an enterprise value of about $2.5 billion, including debt.

The transaction has been approved by the Boards of Directors of both companies.

The combined company is expected to achieve $100 million-$120 million in run rate operating cost synergies by the end of 2022.

It is expected that the deal to be accretive to NCR's non-GAAP earnings per share in the first full year following the close of the transaction.

NCR plans to finance the transaction with cash on hand and fully committed financing from Bank of America, N.A.

The transaction is expected to close in mid-year 2021. Upon completion of the transaction, Cardtronics will become a privately held company and Cardtronics' common shares will no longer be listed on any public market.

Before entered into the agreement with NCR, Cardtronics terminated its acquisition agreement with an entity affiliated with funds managed by affiliates of Apollo Global Management Inc. In connection with the termination, NCR paid the termination fee of $32.6 million.

NCR earlier this month offered to buy Cardtronics for $39 per share.

Funds managed by affiliates of Apollo Global Management Inc. and Hudson Executive Capital LP declined to raise their prior offer of $35 per share, paving the way for the deal between Cardtronics and NCR.

On December 15, Cardtronics had reached an agreement with funds managed by affiliates of Apollo Global Management and Hudson Executive Capital LP to be acquired for $35.00 per share, cash.

On 9th December, Cardtronics said it had received a proposal from funds managed by affiliates of Apollo Global Management Inc. and Hudson Executive Capital LP to acquire all of the outstanding shares of the company for $31.00 per share in cash.

Read the original article on RTTNews ( https://www.rttnews.com/3162952/ncr-to-buy-cardtronics-in-2-5-bln-deal-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved