Brink's to Acquire NCR Atleos for $6.6 Billion
The Brink's Company (NYSE: BCO) and NCR Atleos Corporation (NYSE: NATL) have announced a definitive agreement under which Brink's will acquire NCR Atleos in a cash and stock transaction valued at approximately $6.6 billion.
The deal comprises 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. Each NCR Atleos share will receive $30 in cash plus 0.1574 Brink's shares, totaling $50.40 per share — a 24% premium over NCR Atleos' closing price on February 25, 2026.
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, including its owned-and-operated network of approximately 78,000 ATMs within a total global installed base of around 600,000 units.
Strategic Rationale
Mark Eubanks, President and Chief Executive Officer of Brink's, said: "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."
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."
Financial Impact
The transaction is expected to deliver at least 35% accretion to earnings per share, while generating approximately $200 million in annual run-rate cost synergies within three years. The combined company is anticipated to generate approximately $10 billion in total revenue with mid-single-digit organic revenue growth.
Post-closing, Brink's shareholders will own approximately 78% and NCR Atleos shareholders approximately 22% of the combined company.
Timing
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 regulatory approvals and shareholder votes.
Mark Eubanks and Kurt McMaken will serve as CEO and CFO respectively of the combined company.
About The Brink's Company
The Brink's Company (NYSE: BCO) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Its network of operations in 51 countries serves customers in more than 100 countries.
About NCR Atleos
NCR Atleos (NYSE: NATL) is the leader in expanding self-service financial access, with industry-leading ATM expertise and the largest independently-owned ATM network.
