Founded in Dayton, Ohio, in 1884 as National Cash Register Co., NCR moved to Georgia in 2009 amid the Great Recession. In 2018, NCR opened a shiny 765,000-square-foot campus at Georgia Tech’s Technology Square, which remains under a long-term lease. NCR recently put one of the two office towers in the campus up for sublease.
Previous federal filings did not disclose the future headquarters of Atleos, but it is possible the ATM business opts to assume part or all of that sublease space. The spokesperson declined to provide more detail on both companies’ office plans.
The separation will begin Oct. 2 with a distribution of Atleos stock to current NCR stockholders, which is expected to finish two weeks later. Current stockholders will receive one share of Atleos for every two shares of NCR.
“This is an important and exciting moment for our team as we take a critical step closer to launching Atleos as a standalone public company,” Tim Oliver, Atleos’ CEO-designate, said in a news release.
NCR CEO Michael D. Hayford said the stock distribution “marks a major milestone” for the company, although his post-split role has not been disclosed.
The impending split will likely result in both new companies falling off the Fortune 500 list of the largest American companies by revenue, which would leave metro Atlanta with 16 entries on the list.