Brink's says not in deal talks with NCR


FILE PHOTO: Mike Hayford, President and CEO of NCR Corporation, rings the opening bell at the New York Stock Exchange (NYSE) in New York, U.S., November 7, 2018. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) -Cash management firm Brink's Co said on Wednesday that it was not in talks with NCR Corp about a transaction, after Reuters reported that the two companies were in talks to create a new automatic teller (ATM) business.

Sources told Reuters earlier on Wednesday that NCR was in advanced talks to combine its ATM business at a $5.5 billion valuation with Brink's.

The deal, structured as a Reverse Morris Trust, would have allowed NCR to give a large chunk of the combined company to NCR shareholders tax free, the sources said.

Brink's said in a statement that it "is not in discussions about a possible strategic transaction with NCR Corp." A Brink's spokesperson did not immediately respond to a request for comment on whether these discussions had previously occurred. NCR declined to comment.

NCR said in September 2022 that it planned to separate its digital commerce business from its ATM division in a tax-free manner. The commerce business NCR will retain provides payments software to the retail, hospitality and digital banking industries.

In total, NCR generated revenue of $7.8 billion in 2022, up from $7.2 billion in 2021.

The company announced earlier on Wednesday that CEO Michael Hayford would retire upon the separation of the businesses.

Based in Richmond, Virginia, Brink's makes most of its revenue helping companies transport cash and operating ATMs. It posted revenue of $4.5 billion in 2022, up from $4.2 billion in 2021.

(Reporting by Svea Herbst-Bayliss; Editing by Mark Porter, Diane Craft and Cynthia Osterman)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

ValueAct takes $1 billion stake in Meta, source says
Alphabet's Waymo opens autonomous ride-hailing service to all in Los Angeles
Fed's Waller: Stablecoins could bring benefits to financial system
AI explains Catholicism in new Polish chapel
Space startup Firefly valued at over $2 billion in latest funding round
Netflix's ad-supported tier hits 70 million users
Adobe adds AI tools to its stock photography business
Meta to offer less personalized ads in Europe to appease regulators
Amazon offers free computing power to AI researchers, aiming to challenge Nvidia
Musk's Starlink working on Indian security clearance for satellite broadband

Others Also Read