US-based banking technology firm NCR has made an offer to acquire all outstanding shares of ATM operator Cardtronics.
The submitted offer includes the proposal to purchase the Cardtronics’ shares for $39 per share in cash, or over $1.7bn.
The latest development comes a month after Cardtronics signed an agreement to be acquired by the funds affiliated with Apollo Global Management and Hudson Executive Capital.
Under this deal, Cardtronics was offered a cash consideration of $35 per share. The deal was unanimously approved by the Cardtronics board.
NCR has discussed its proposal for Cardtronics at a conference call today.
In an ‘Investor Presentation’, the company said that a due diligence process for the acquisition is currently underway.
The firm added that the combination of NCR and Cardtronics will create a “as-a-Service” company with “scale and installed base”, “proven model”, “complementary customers and regions”.
The debit network of Cardtronics will allow NCR to “connect retail and bank customers”, the document read.
NCR is a software and services-led enterprise technology provider for the financial, retail and hospitality sectors.
The Georgia-headquartered firm employs 36,000 employees around the world.
NCR president and CEO Michael Hayford said: “The acquisition of Cardtronics will accelerate and expand the NCR-as-a-service strategy that we outlined at our Investor Day last month.
“Cardtronics’ debit network is highly complementary to NCR’s payments platform and will enable the combined company to seamlessly connect retail and bank customers while capitalising on the banking industry’s transition toward infrastructure outsourcing.”
Cardtronics operates 285,000 ATMs across ten countries, representing 10% of ATMs globally. However, it manages only 1% of withdrawals.