Brink's and NCR Atleos have entered into a definitive agreement under which the US-based cash management company will acquire NCR Atleos in a cash and stock transaction valued at approximately USD 6.6 billion. The deal comprises 13.3 million shares of Brink's common stock and USD 2.2 billion in cash, plus the assumption of approximately USD 2.6 billion of NCR Atleos' existing debt.
The transaction brings together Brink's global cash management and route-based logistics infrastructure with NCR Atleos' ATM management services, owned-and-operated ATM network, and ATM as a Service (ATMaaS) outsourcing solutions. The combined entity is expected to generate approximately USD 10 billion in total revenue, serving financial institutions, governments, retailers, and independent ATM operators across more than 140 countries.
Financial terms and expected returns
Under the agreement, Brink's will acquire each outstanding share of NCR Atleos for USD 30.00 in cash and 0.1574 shares of Brink's common stock. Based on Brink's closing share price on 25 February 2026, this reflects an implied value of USD 50.40 per NCR Atleos share, a premium of approximately 24% over NCR Atleos' closing price on that date, and 26% over its 30-day volume-weighted average price.
Following completion, Brink's shareholders will hold approximately 78% of the combined company's outstanding shares, with NCR Atleos shareholders retaining approximately 22%. The cash portion of the transaction will be funded through a combination of existing balance sheet resources and new debt, supported by USD 4.5 billion in committed bridge financing from Morgan Stanley Senior Funding.
Brink's expects the acquisition to be at least 35% accretive to earnings per share, based on 2027 consensus estimates, and to deliver USD 200 million in annual run-rate cost synergies within three years of closing. The combined company is expected to reduce net leverage to a target range of 2.0–3.0x by the end of 2027, assuming closing occurs in the first quarter of that year.
ATM network and digital retail integration
A key element of the transaction is NCR Atleos' network of approximately 78,000 owned and operated ATMs, positioned in retail locations, which forms part of a broader global installed base of approximately 600,000 ATMs. This network is expected to expand Brink's Digital Retail Solutions (DRS) business and support integration with existing ATM management operations.
The transaction has been unanimously approved by both companies' boards and remains subject to regulatory approvals and shareholder consent from both sides, with closing anticipated in the first quarter of 2027. Mark Eubanks will continue as Chief Executive Officer of the combined company, with Kurt McMaken serving as Chief Financial Officer. One independent director from the NCR Atleos board will join Brink's board upon closing.
