The UK competition regulator has begun examining Brink’s proposed $6.6bn purchase of NCR Atleos, the ATM operator.
In a brief update, the Competition and Markets Authority said its invitation for comments on the transaction had closed and that it had now started a formal review.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
A phase 1 decision is due by 22 October.
Brink’s and NCR Atleos announced the cash-and-shares agreement in February, with the transaction comprising 13.3 million Brink’s common shares, $2.2bn in cash, and the takeover of roughly $2.6bn in NCR Atleos debt.
At the time, they said the combination would create a “leading financial technology infrastructure” player.
The two businesses operate across more than 140 countries.
The proposed merged group would combine Brink’s cash handling operations and route network with NCR Atleos’ ATM servicing activities, its owned ATM estate, and its ATM as a Service outsourcing business.
NCR Atleos runs an independent ATM network of about 78,000 machines in retail sites with high footfall. Those machines are part of its wider global installed base of around 600,000 ATMs.
According to the deal terms announced earlier, the takeover is expected to support mid-single-digit organic revenue growth, increase recurring revenue, and improve EBITDA margins and free cash flow.
The combined business is expected to generate about $10bn in revenue.
Brink’s said it expects annual run-rate cost synergies of $200m within three years after completion.
