The Brink's Company agreed on 26 February to acquire NCR Atleos, the Atlanta-based ATM services and network operator, in a cash-and-share transaction valued at about $6.6bn including assumed debt.
Why The Brink's Company is buying NCR Atleos Corporation
Brink's said combining its cash management and route-based logistics with NCR Atleos' ATM software, services and ATM-as-a-Service outsourcing would let it offer banks and retailers a broader integrated package across more than 140 countries. NCR Atleos owns and operates about 78,000 ATMs in retail locations, part of a global installed base of around 600,000 machines, which Brink's plans to combine with its Digital Retail Solutions business. The combined company is expected to have about $10bn of revenue.
Deal terms and financing
NCR Atleos holders receive $30.00 in cash and 0.1574 Brink's shares per share, worth $50.40 at Brink's 25 February close: a 24% premium to NCR Atleos' closing price and 26% to its 30-day average. The deal comprises 13.3 million Brink's shares and $2.2bn in cash plus the assumption of about $2.6bn of debt. Brink's has a $4.5bn committed bridge facility, targets $200m of run-rate cost synergies within three years and expects at least 35% EPS accretion, with leverage falling to 2.0-3.0 times by end-2027.
Regulatory approvals and timing
Shareholders of both companies approved the deal on 30 June 2026 and it has cleared the US Hart-Scott-Rodino waiting period. The UK Competition and Markets Authority raised concerns over the overlap between Brink's NoteMachine/TestLink UK and NCR Atleos' Cardtronics UK business; on 8 October Brink's said the CMA had accepted in principle the divestiture of NoteMachine/TestLink UK in lieu of a Phase 2 referral, and that closing remained on track for early in the first quarter of 2027.
Market context
NCR Atleos was spun off from NCR in 2023 and runs the largest independently owned ATM network. Brink's operates in 51 countries and serves customers in more than 100.
