eFunds Sales ATM Portfolio to TRM

Monday 20 September 2004 23:30 CET | News

eFunds has entered into a definitive agreement to sell its ATM portfolio to TRM Corporation for $150 million in cash.

The ATM portfolio being sold to TRM includes approximately 17,000 ATM machines under merchant contracts located throughout the U.S. and Canada, including machines owned and leased by eFunds. eFunds is a leading provider of risk management, electronic payments, ATM and global outsourcing solutions. TRM Corporation is a global consumer services company that provides ATM and photocopying services in high-traffic convenience retail environments. In addition, eFunds and TRM have entered into a five-year contract under which eFunds will provide ATM driving, processing and management services to the combined network of approximately 21,800 ATMs located throughout North America and the United Kingdom, making it the largest managed services contract in the industry. The transaction is expected to close by the end of 2004, subject to regulatory approvals and other closing conditions. eFunds expects the transaction to be neutral to earnings for 2004 and is maintaining its earnings guidance. For 2005, it is expected that the transaction is likely to result in improved operating margins, return on invested capital and growth rates of the Company.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce