Sweden-based cash handling company Loomis has brokered a deal to fully acquire Finnish ATM network operator Automatia Pankkiautomaatit Oy.
The deal is valued at nearly €42m ($45.6m), which includes net debt of Automatia.
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Automatia, which operates under Otto brand name, is currently being owned by Danske Bank, Nordea, and OP Financial Group.
Founded 26 years ago, Automatia has about 30 employees with approximately €42m ($45.6m) in annual revenue as of December 2019.
It is said to operate the largest network of ATMs in Finland. The company also offers cash supply services for banks, cash storage night safes for retail stores.
Furthermore, Automatia has a digital platform for making instant payments.
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By GlobalDataLoomis president and CEO Patrik Andersson said: “Automatia offers us know-how and experience in operating ATM services and digital payment systems.
“This is a great opportunity for us to expand our ATM outsourcing services.
Under the terms of the deal, the sellers of Automatia will continue to remain its customers even after the completion of the deal.
Post-acquisition, Automatia will be completely merged into Loomis and the business will be reported in the Europe segment.
“As its new owner, Loomis will continue to develop Automatia’s businesses and will use Automatia’s know-how and payment platform internationally,” Andersson added.
Subject to the receipt of regulatory approvals, the transaction is expected to be completed in the next five months.
