Brink's to acquire NCR Atleos in $6.6 billion ATM infrastructure deal

The ATM and cash-management landscape is poised for significant consolidation. The Brink's Company agreed to acquire NCR Atleos Corp. in a transaction valued at approximately $6.6 billion, creating a combined company with expanded reach across ATM managed services, cash logistics and digital retail infrastructure.

Under the terms of the agreement, Brink's will pay $30 in cash and 0.1574 shares of its common stock for each NCR Atleos share, implying a value of $50.40 per share based on Brink's Feb. 25 closing price. The deal also includes the assumption of roughly $2.6 billion in NCR Atleos debt. Post-closing, Brink's shareholders are expected to own about 78 percent of the combined company, with NCR Atleos shareholders holding approximately 22 percent.

The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.

Building scale in ATM and cash infrastructure

The acquisition brings together Brink's global cash management and route-based logistics network with NCR Atleos' end-to-end ATM management services, software capabilities and ATM-as-a-Service offerings. NCR Atleos operates approximately 78,000 owned ATMs and supports a broader global installed base of about 600,000 machines.

Brink President and CEO Mark Eubanks said the combination enhances the company's ability to deliver integrated physical-to-digital payment solutions and accelerate its long-term growth strategy. NCR Atleos President and CEO Tim Oliver described the transaction as a strategic opportunity following two years of operational strengthening since the company's separation from legacy NCR.

The combined entity is expected to generate roughly $10 billion in annual revenue. Brink's projects $200 million in annual run-rate cost synergies within three years of closing and anticipates the transaction will be at least 35 percent accretive to earnings per share based on 2027 consensus estimates.

Innovation signals continued focus on self-service

The deal comes as NCR Atleos continues to emphasize innovation in physical banking infrastructure. The company recently unveiled an AI-assisted redesign of its dual-sided ATM concept.

The proof-of-concept model features two customer-facing screens, shared safes and a common PC core to reduce weight and complexity. The design incorporates lattice-style cladding and customizable exterior lighting, along with 3D-printed components aimed at reducing manufacturing waste.

Although the concept is not currently slated for commercialization, it reflects Atleos' focus on modernizing ATM hardware while improving operational efficiency and sustainability.

Together, Brink's logistics expertise and NCR Atleos' ATM software, services and installed base position the combined company to broaden managed services offerings for financial institutions, retailers, governments and independent ATM operators worldwide.

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