The Brink’s Company, a global provider of cash and valuables management, digital retail solutions, and ATM managed services, has entered into a definitive agreement to acquire NCR Atleos Corporation in a cash and stock transaction valued at approximately $6.6 billion.
The consideration includes 13.3 million shares of Brink’s common stock and $2.2 billion in cash, along with the assumption of approximately $2.6 billion of NCR Atleos’ indebtedness. Under the terms of the agreement, Brink’s will acquire each outstanding share of NCR Atleos for $30.00 in cash and 0.1574 shares of Brink’s common stock, reflecting an implied value of $50.40 per share based on Brink’s February 25, 2026, closing price of $129.58. The implied value represents a premium of approximately 24% over NCR Atleos’ closing share price on February 25, 2026, and 26% over its 30-day volume-weighted average price.
Upon closing, Brink’s shareholders are expected to own approximately 78% of the combined company, with NCR Atleos shareholders owning approximately 22%. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the first quarter of 2027, subject to customary closing conditions, including regulatory and shareholder approvals.
The combination brings together Brink’s global cash management and route-based infrastructure with NCR Atleos’ end-to-end ATM management, software, services, and its owned-and-operated ATM network, including its ATM-as-a-Service platform. NCR Atleos operates the largest independent network of ATMs, with approximately 78,000 owned and operated ATMs and a total global installed base of approximately 600,000 ATMs.
Financially, the transaction is expected to deliver at least 35% accretion to earnings per share, generate an estimated $200 million in annual run-rate cost synergies within three years of closing, and support strong free cash flow generation. The combined company is anticipated to generate approximately $10 billion in total revenue and reduce net leverage into a target range of 2.0–3.0x by the end of 2027.
The cash portion of the purchase price will be financed through a combination of cash on hand and new debt, with $4.5 billion in committed bridge financing secured from Morgan Stanley Senior Funding, Inc.
Mark Eubanks will serve as Chief Executive Officer of the combined company, and Kurt McMaken will serve as Chief Financial Officer. One mutually agreed independent director from the NCR Atleos board will join the Brink’s board upon closing.
KEY QUOTES:
“This acquisition further supports Brink’s ability to deliver enhanced customer solutions and accelerates our value creation strategy. 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.”
Mark Eubanks, President and Chief Executive Officer of The Brink’s Company
“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.”
Tim Oliver, President and Chief Executive Officer of NCR Atleos Corporation
