Cardtronics Accepts NCR’s Offer

January’s edition of Cash & Payment News™ covered NCR’s bid for Cardtronics. NCR – which describes itself as ‘a technology provider for the financial, retail and hospitality industries’ – has now announced that it has entered into a definitive acquisition agreement to buy the company, paying $39 per share, valuing Cardtronics at $2.5 billion. NCR justifies this in its statement as accelerating its shift to ‘NCR-as-a-Service’ strategy, moving its mix of revenues across its business more to software, services and recurring revenue.

The transaction is expected to close in mid-2021, subject to receipt of regulatory approvals and satisfaction of customary closing conditions, including approval by Cardtronics' shareholders. On completion of the transaction, Cardtronics will become a privately held company.

Some industry analysts have commented that this is about the transformation of the physical banking branch, the move to do more automated banking via ATMs. It anticipates a move to smaller, lower cost branches that have fewer staff and a smaller footprint.