Brink’s announced a definitive agreement to acquire NCR Atleos Corporation for approximately $6.6 billion in a cash‑and‑stock transaction. The deal values Atleos shareholders at $50.40 per share, a 24 percent premium to Atleos’ closing price of $129.58 on February 25, 2026. The transaction will be financed with a combination of cash and Brink’s common stock, and includes an assumption of roughly $2.6 billion of Atleos’ debt.
The acquisition is positioned to create a leading financial‑technology infrastructure company by combining Brink’s global cash‑management expertise with Atleos’ ATM‑as‑a‑Service platform and surcharge‑free ATM network. Management projects $200 million in annual run‑rate cost synergies within three years and anticipates at least 35 percent accretion to Brink’s earnings per share once the transaction closes.
Atleos reported Q4 2025 results that exceeded expectations, with revenue of $1.15 billion, up 4 percent year‑over‑year, and non‑GAAP earnings per share of $1.49, beating the consensus estimate of $1.38 by $0.11. GAAP EPS of $1.09 also surpassed the $0.98 estimate. The company generated $326 million in free cash flow, a 35 percent year‑over‑year increase, and expanded its adjusted EBITDA margin to 19.1 percent from 18.2 percent, driven by a higher mix of high‑margin ATM‑as‑a‑Service contracts and disciplined cost management.
Investors responded positively to the announcement, citing the premium offered to Atleos shareholders and the strategic fit that expands Brink’s service footprint. Analysts highlighted the deal’s potential to accelerate Brink’s value‑creation strategy and to strengthen its position in the cash‑management and retail‑services markets.
Mark Eubanks, President and CEO 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, CEO of NCR Atleos, added, "Combining our businesses with Brink’s will 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." He also noted, "2025 was a successful and transformational year for Atleos. We extended our leading global serviced ATM estate, improved our already industry‑leading service levels, accelerated our service‑led growth initiatives and completed our separation from our legacy company." Andy Wamser, Atleos’ Chief Financial Officer, commented, "We benefitted from our cash generative financial model, as we strengthened the balance sheet, recently returned capital to shareholders, and invested in the business. Adjusted free cash flow conversion expanded to 39%, resulting in robust free cash flow of $326 million for the year.",
The transaction is expected to close in the second half of 2026, pending customary regulatory approvals and shareholder consent. The parties have structured a change‑of‑control provision that limits competing bids and protects Atleos insiders.
Post‑closing, Brink’s shareholders are projected to own roughly 78 percent of the combined company, while former Atleos shareholders will hold about 22 percent of the outstanding shares.
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