The deal will nearly triple Cardtronics’ ATM network in Europe. Most of the new machines operate in the UK, where Cardtronics has been active since acquiring Bank Machine in 2005.
The buyout also brings the Houston company into Germany for the first time, making it the largest independent ATM operator in that country.
“This is the right time and the right asset for Cardtronics’ next growth spurt via acquisition.”
Cardtronics’ CEO Steve Rathgaber announced the purchase in a conference call.
“Sometimes, when putting companies together, one plus one really does equal a little bit more than two. We believe that these companies complement one another and blend very well. The resulting entity is stronger, not only because it is bigger and more profitable, it is stronger because it is more competent.”
The acquisition expands Cardtronics’ global ATM network by about 10%. The vast majority of its machines are in the U.S., Canada, and Mexico.