US ATM manufacturer Diebold has wrapped up the purchase of German rival Wincor Nixdorf through its voluntary takeover offer for all the company's ordinary shares.

The combined entity will operate as Diebold Nixdorf, and will be the world’s leading manufacturer of automated teller machines (ATMs).

The Diebold and Wincor Nixdorf brands and operations will remain distinct in the UK, subject to completion of a review by the Competition and Markets Authority.

As per the agreed terms of the deal, shareholders of Wincor Nixdorf shareholders received €38.98 in cash in addition to 0.434 Diebold common shares per Wincor Nixdorf share.

The total offer consideration includes 9.92 million newly issued common shares of Diebold and about €891.7m in cash.

“The combined organization plans to deliver approximately $160 million of annual cost synergies and is targeting a non-GAAP operating margin in excess of 9 percent by the end of the third full year following the closing of the takeover offer,” Diebold said in a statement.

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The €1.8bn deal was announced in November 2015. Earlier this month, the deal secured the antitrust clearance in Poland, which was the final closing condition for the combination of the two businesses.