Brink’s to Acquire NCR Atleos for $6.6 Billion, Creating Leading Financial Technology Infrastructure Company

WHY THIS MATTERS: The $6.6 billion acquisition of NCR Atleos by Brink’s marks a critical inflection point in the global financial ecosystem, signaling that cash logistics is not a legacy business, but a highly valuable infrastructure play. This transaction represents a definitive consolidation of the essential physical-to-digital interface, recognizing that managing the lifecycle of cash—from security to replenishment—is a necessary utility for retailers and financial institutions globally. By merging Brink’s route-based infrastructure with NCR Atleos’ leading ATM software and expansive ATM as a Service (ATMaaS) outsourcing solutions, the combined company provides a single, scalable provider for end-to-end cash management. This accelerates the trend toward complete ATM outsourcing for banks, while also allowing retailers to better integrate cash acceptance into their operations. The strategic focus is on optimizing cost structure and securing massive recurring revenue streams by making cash access more efficient and technologically streamlined.

The Brink’s Company (NYSE: BCO) (“Brink’s”) and NCR Atleos Corporation (NYSE: NATL) (“NCR Atleos”) announced that they have entered into a definitive agreement under which Brink’s will acquire NCR Atleos in a cash and stock transaction valued at approximately $6.6 billion, comprised of 13.3 million shares of Brink’s common stock and $2.2 billion in cash, plus the assumption of approximately $2.6 billion of NCR Atleos’ indebtedness.

The transaction combines two leading financial technology infrastructure providers, joining Brink’s global cash management expertise and route-based infrastructure with NCR Atleos’ end-to-end ATM management and services expertise as well as its owned-and-operated ATM network and fast-growing ATM as a Service (ATMaaS) outsourcing solutions. By bringing together the complementary products, services and software of the two companies, Brink’s will be able to provide financial institutions and retail customers with an even broader set of solutions.

“This acquisition further supports Brink’s ability to deliver enhanced customer solutions and accelerates our value creation strategy,” said Mark Eubanks, President and Chief Executive Officer of Brink’s. “NCR Atleos is a partner we know well, and our business cultures are closely aligned around customer success, continuous improvement, and managing the interface between physical to digital payments to enable ease of cash acceptance and use. By combining our organizations, we gain critical scale and complementary, integrated capabilities to drive our ambitious growth strategy and provide new levels of service to our global customer base.”

Tim Oliver, President and Chief Executive Officer of NCR Atleos, said, “This transaction represents a strategic opportunity for NCR Atleos. The extraordinary efforts of the NCR Atleos team over the two years since our separation from legacy NCR have strengthened our leading ATM installed base, sustained best-in-class service levels and introduced innovative products. Combining the complementary service-led businesses of Brink’s and NCR Atleos will enable us to enhance offerings to financial institutions and retailers, and create more opportunities for our employees. The transaction delivers significant value to NCR Atleos shareholders and enables their participation in the future success of the combined company.”

Strategic Benefits

• Expanded and diversified offering: The combination will establish greater scale and geographic depth with an improved ability to serve financial institutions, governments, retailers, and independent ATM operators through an integrated set of expanded technology, logistics, and service capabilities across a global footprint of more than 140 countries.
• Superior customer solutions: By integrating NCR Atleos’ leading ATM software, services, installed base of ATMs and strong customer relationships with some of the most well-known financial institutions and retailers, Brink’s will be able to expand its customer base and offer more comprehensive and integrated services and products to help customers operate more efficiently.
• Digital Retail Solutions (“DRS”) Integration: NCR Atleos has the largest independent network of ATMs consisting of approximately 78,000 owned and operated ATMs in secure, high foot-traffic retail locations, which are a portion of NCR Atleos’ expansive total global installed base of approximately 600,000 ATMs. The NCR Atleos network will significantly expand Brink’s retail customer locations and provide opportunities to efficiently integrate Brink’s DRS business with existing ATM management.

Accelerating Growth and Shareholder Value

• Attractive financial profile1: The acquisition is expected to allow Brink’s to deliver mid-single-digit organic revenue growth with greater recurring revenue and significant EBITDA margin expansion potential, as well as strong and improving free cash flow. The combined company is anticipated to generate approximately $10 billion in total revenue.
• Enhanced revenue streams: The combined company expects to have a strong foundation of recurring, subscription-based revenue, serving a large, globally installed base of ATMs to deliver software, maintenance, repairs, cash logistics, and total ATM outsourcing services.
• Cost synergy realization: Brink’s expects to realize $200 million2 in annual run-rate cost synergies within three years of closing.
• Strong accretion and returns: The transaction is expected to be highly accretive to earnings, including at least 35% accretive to EPS3, while enhancing long-term financial results and capital allocation flexibility.
• Balance sheet flexibility: The combination is expected to generate strong free cash flow, enabling the combined company to rapidly reduce net leverage into a target range of 2.0-3.0x by the end of 20274.

FF NEWS TAKE: This deal is a clear market shaper, elevating the combined entity to an unmatched infrastructure giant with a projected $10 billion revenue base. The move fundamentally transforms the fragmented cash logistics sector into a cohesive, service-led model. The immediate competitive question revolves around execution: realizing the promised $200 million in cost synergies is critical. Investors should particularly monitor the integration of the Digital Retail Solutions (DRS) business with NCR Atleos’ significant retail ATM network, as this expansion of the ATM as a Service model into high-traffic locations will be key to long-term growth.