Brink’s Completes NCR Atleos Acquisition in $6.6 Billion Cash-Stock Deal
Shareholder approval clears the way for a combined company with $10 billion in revenue and expanded ATM managed services.
**The Brink’s Company (BCO) completed its acquisition of NCR Atleos Corporation (NATL) after shareholders of both companies overwhelmingly approved the $6.6 billion cash-and-stock transaction.**
Under the terms of the merger agreement, Brink’s will pay $30 in cash and 0.1574 Brink’s shares for each outstanding share of NCR Atleos. The transaction also includes the assumption of approximately $2.6 billion of NCR Atleos’ debt, bringing the total enterprise value to roughly $9.2 billion. The deal received clearance under the Hart-Scott-Rodino Antitrust Improvements Act and is expected to close by the end of the first quarter of 2027, pending remaining regulatory approvals.
Brink’s framed the acquisition as a strategic move to combine complementary capabilities in cash management, digital retail solutions, and ATM managed services. The company said the deal would expand its presence in high-margin ATM as a Service (ATMaaS) and digital retail solutions, positioning the combined entity to serve financial institutions and retailers with a broader suite of offerings. Mark Eubanks, President and CEO of Brink’s, said, *“Today’s votes mark a significant step forward in bringing together our two great companies and reflect strong shareholder support for the future of the combined business and the value it can create. This combination will expand our presence in ATM managed services and digital retail solutions, enabling us to deliver a broader and more innovative set of offerings to our customers”*.
NCR Atleos, a leader in self-service banking solutions, operates three segments: Self-Service Banking, Network, and Telecommunications and Technology. The company reported $1.04 billion in revenue for the first quarter of 2026, with recurring revenue accounting for $754 million. Its ATMaaS business, which provides outsourced ATM management, has been a key growth driver, with annualized recurring revenue reaching $288 million at the end of 2025. The company also manages a global installed base of approximately 600,000 ATMs, including 78,000 owned and operated units in high-traffic retail locations. Brink’s said the acquisition would allow it to integrate NCR Atleos’ ATM software, services, and customer relationships with its own digital retail solutions, creating a more comprehensive offering for financial institutions and retailers.
The deal follows a pattern of consolidation in the financial technology infrastructure sector, where companies have sought scale to compete in an evolving payments landscape. In February 2026, Brink’s and NCR Atleos first announced the transaction, highlighting expected annual run-rate cost synergies of $200 million and at least 35% accretion to earnings per share within three years of closing. The combined company is projected to generate approximately $10 billion in revenue, with adjusted EBITDA margins of around 20%.
Regulatory approvals remain the final hurdle before closing, though the companies have already secured clearance under the Hart-Scott-Rodino Act. Brink’s has said it expects the transaction to enhance its balance sheet flexibility and capital allocation strategy, with the combined entity targeting mid-single-digit organic revenue growth and improved free cash flow.