Private equity firm Blackstone Group has agreed to acquire 17% stake in ATM maker NCR for $820m.

NCR said it will use the Blackstone investment to help fund a repurchase through a self-tender of up to $1bn of its common stock.

In connection with the investment, NCR will expand its Board of Directors from 9 to 11 directors. It will appoint Chinh Chu, senior managing director, and Greg Blank, managing director, of Blackstone to its Board upon the closing of the transaction.

The deal is expected to close by early December.

NCR chairman and CEO Bill Nuti said: "This investment is a strong vote of confidence in our long-term strategy and future growth potential, and it will enable NCR to return significant cash to those shareholders who want to monetize their investment in the near term while preserving our ability to fund growth opportunities and increase shareholder value in the years ahead."

Commenting on the deal, Chinh Chu said, "NCR has made tremendous progress removing legacy barriers to growth and executing a corporate transformation focused on extending its product capabilities into new areas of software and services. NCR is well positioned to continue to win market share and deliver exceptional value to its customers."

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