Atlanta’s NCR split itself in two. One half is now being bought for $6.6B.
One of Atlanta’s largest public companies split itself into two separate businesses three years ago, and that decision has created some lucrative multibillion-dollar acquisition targets.
NCR Atleos, the automated teller machine-focused branch of NCR, announced Thursday it agreed to be acquired for $6.6 billion by Virginia-based financial giant Brink’s Co.
The transaction aims to marry NCR Atleos’ ATM management expertise with Brink’s ubiquity as a cash-management giant — the company is well-known for its fleet of money-hauling armored Brink’s trucks.
NCR Atleos and NCR Voyix, the retailer point-of-sale system segment of NCR’s prior business, were both created in late 2023 as an effort to create new shareholder value, the company’s leaders said at the time. The Brink’s acquisition, which will need to go through regulators’ approval, along with NCR Voyix selling its banking platform for nearly $2.5 billion in 2024, highlight that choice has paid dividends.
“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,” Tim Oliver, president and CEO of NCR Atleos, said in a news release.
“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,” Oliver continued.
The announcement comes amid a wave of large corporate shake-ups, including in Atlanta. NCR was also among the first in a recent trend of conglomerates unwinding themselves into separate companies focused on narrower industries, including Warner Bros. Discovery, Kraft Heinz and Atlanta-based Genuine Parts Co.
Mark Eubanks, president and CEO of Brink’s, which is a Fortune 500 firm, said in the news release his company will “gain critical scale and complementary, integrated capabilities” by combining with NCR Atleos.
The deal is comprised of 13.3 million shares of Brink’s common stock and $2.2 billion in cash in addition to the assumption of about $2.6 billion in NCR Atleos’ debt, the companies said.
Brink’s stock opened Friday down 9% compared with market’s close Thursday before the acquisition was announced. NCR Atleos’ stock opened Friday up 9% in comparison.
Both NCR Atleos and NCR Voyix have maintained their office headquarters at a posh Midtown campus at Georgia Tech’s Technology Square, which is under a long-term lease. Minnesota-based food producer Cargill in 2024 announced it would sublease space within NCR’s tower at 864 Spring St. for a new technology hub with 400 employees.
About the Author
Zachary Hansen, a Georgia native, covers economic development and commercial real estate for the AJC. He's been with the newspaper since 2018 and enjoys diving into complex stories that affect people's lives.
