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E*Trade Sells ATMs to Cardtronics

Thursday 3 June 2004 15:52 CET | News

E*TRADE FINANCIAL Corporation has entered into a definitive agreement to sell substantially all of the assets of E*TRADE Access, Inc., the Companys ATM operations subsidiary, to Cardtronics, Inc. for $106 million cash. E*TRADE FINANCIAL expects to record a pre-tax gain of approximately $55 million upon closing. E*TRADE Bank will continue to offer its banking customers surcharge-free ATM access by refunding ATM fees incurred at any ATM worldwide. Additionally, the Company continues to explore deposit taking options at E*TRADE FINANCIAL Centers as well as directly from customer homes and places of business. Under the terms of the asset sale of E*TRADE Access, E*TRADE FINANCIALwill retain certain branding rights through an agreement with Cardtronics. The use of the E*TRADE FINANCIAL brand will serve as an effective marketing vehicle for E*TRADE FINANCIAL.

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Categories: Payments & Commerce | Payments General
Countries: World
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