Cardtronics Agrees to $1.7 Billion Sale to NCR, Spurning Apollo
(Bloomberg) -- Cardtronics Plc will accept a $1.7 billion sale to NCR Corp. after the ATM producer outbid Apollo Global Management Inc. and Hudson Executive Capital LP.
NCR will acquire Cardtronics for $39 a share, according to a statement Monday. The Hatfield, England-based company terminated its earlier acquisition agreement at a lower price with Apollo.
Cardtronics has benefited from a wave of bank-branch closures during the pandemic by partnering with lenders looking to offer their customers access to cash. Its shares fell as much as 6.3% to $38.30 before the start of regular trading Monday.
NCR shares surged as much as 7.7% to $36. The Georgia-based company said the enterprise value of the all-cash deal is approximately $2.5 billion.
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