Brink’s to acquire NCR Atleos for $6.6Bn, expanding global ATM network

VIRGINIA and GEORGIA, UNITED STATES — Global cash management and secure logistics provider The Brink’s Company announced a definitive agreement to acquire financial technology and ATM network operator NCR Atleos in a cash and stock transaction valued at approximately $6.6 billion.

The deal combines Brink’s global cash management infrastructure with NCR Atleos’ ATM network and managed services to create a comprehensive financial technology provider serving over 140 countries.

Mark Eubanks, President and Chief Executive Officer (CEO) of Brink’s, notes, “This acquisition further supports Brink’s ability to deliver enhanced customer solutions and accelerates our value creation strategy.”

Integrating global cash logistics and ATM management

The acquisition combines two complementary financial services platforms, merging the existing cash logistics expertise of Brink’s with the broad-based ATM management capabilities of NCR Atleos to form a vertically integrated cash cycle solutions company.

Brink’s already offers route-based infrastructure and cash management services, ATM managed services, vault outsourcing, and secure logistics services in 51 countries, with a customer base spanning over 100 countries. 

On the other hand, NCR Atleos brings its end‑to‑end ATM technology, owned‑and‑operated network, ATM‑as‑a‑Service solutions, managed deployment and software services, and a global network of about 600,000 installed ATMs—of which 78,000 are located in retail centers. 

This integration provides financial institutions and retailers with a complete range of services, including software, maintenance and repair, cash logistics, and total ATM outsourcing solutions.

The move expands Brink’s retail customer locations and creates opportunities to integrate Digital Retail Solutions (DRS) efficiently with existing ATM management, driving cross-selling and operational efficiency.

Eubanks notes, “By combining our organizations, we gain critical scale and complementary, integrated capabilities to drive our ambitious growth strategy and provide new levels of service to our global customer base.”

Financial impact, growth, and shareholder value

The deal will offer short-term shareholder value and create a future expansion platform with an implied value of $50.40 per share of NCR Atleos Corporation, equivalent to a 24% premium to the most recent share price of February 25, 2026, and a 26% premium to its 30-day volume-weighted average share price. 

According to the agreement, every outstanding share of NCR Atleos shall be exchanged for $30 and 0.1574 shares of common stock of The Brink’s Company. Following the close, Brink’s shareholders are expected to own about 78% of the new company, while NCR Atleos shareholders will own approximately 22%. 

The transaction is comprised of 13.3 million shares of Brink’s common stock and $2.2 billion in cash, alongside the assumption of approximately $2.6 billion of NCR Atleos’ indebtedness. 

It will be funded by a combination of cash on hand and new debt, with support from a $4.5 billion bridge financing commitment from Morgan Stanley Senior Funding. 

The resulting firm is likely to generate total revenue of about $10 billion and offer mid-single-digit organic revenue growth, as it will have more recurring and subscription-based sources of revenue. 

Brink also anticipates achieving approximately $200 million in annual pre-tax run-rate cost synergies upon closure, which will be part of the possible growth in EBITDA margins and higher free cash flow. 

It is estimated that the transaction will be very accretive to earnings, with 2027 consensus estimates of at least 35% accretion to earnings per share, and will allow the combined company to achieve a net leverage target of between 2.0 and 3.0 times by the end of 2027. 

The two companies’ boards gave unanimous consent to the deal, which is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals. 

At closure, Eubanks and Kurt McMaken will become the CEO and CFO of the new company, respectively, and one independently agreed-upon Director of the NCR Atleos board will become a member of the Brink board.

Tim Oliver, President and CEO of NCR Atleos, states, “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.”

“The transaction delivers significant value to NCR Atleos shareholders and enables their participation in the future success of the combined company.”