Brink's to Close NCR Atleos Deal Early in 2027
The cash-and-stock combination now targets an earlier close after shareholder votes and Hart-Scott-Rodino clearance, with a NoteMachine/TestLink UK sale left off the $200 million synergy math.
The Brink’s Company (BCO) said the pending cash-and-stock acquisition of NCR Atleos Corporation (NATL) is now expected to close early in the first quarter of 2027, an accelerated timeline from the prior end-of-quarter target.
The deal, announced in February at a value of approximately $6.6 billion, consists of 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. Brink’s framed the combination as a way to join its global cash management and route-based infrastructure with Atleos’ ATM management, owned-and-operated network, and ATM as a Service outsourcing.
Shareholders of both companies overwhelmingly approved the transaction at special meetings on June 30. The deal also received clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Atleos Chief Executive Officer Tim Oliver said the regulatory and administrative processes were progressing and that the companies now anticipate an accelerated timeline to close early in the first quarter of 2027.
Brink’s said the potential sale of NoteMachine/TestLink UK was a remedy contemplated in the financial metrics it had previously disclosed and does not affect the $200 million in annual run-rate cost synergies the company continues to expect to achieve within three years of closing. The February announcement had also projected at least 35% accretion to earnings per share.
Atleos reported second-quarter revenue of $1.10 billion, with 70% from recurring streams, and Adjusted EBITDA of $254 million, up 25% year over year. Self-Service Banking Adjusted EBITDA rose 13%, which the company attributed to ATMaaS, software, net tariff refunds, and productivity initiatives offsetting elevated memory and fuel costs. Network Adjusted EBITDA increased 23%.
Chief Financial Officer Andy Wamser said the companies had completed several important milestones in the regulatory and administrative processes and continued to make meaningful progress toward closing. He said that as the year closes, Atleos expects higher earnings and cash flow conversion that will allow it to further reduce net leverage in advance of the anticipated transaction.
Because of the pending combination, Atleos will not host an earnings conference call or provide a financial outlook. Brink’s said in May that the registration statement had been filed and that an integration management team was preparing for the $200 million annual run-rate cost synergy targets.