The UK Competition and Markets Authority (CMA) has found that The Brink’s Company’s proposed $6.6 billion acquisition of NCR Atleos Corporation gives rise to a realistic prospect of a substantial lessening of competition (SLC) in its Phase 1 investigation.
In the UK, Brink’s operates through NoteMachine, while NCR Atleos operates via Cardtronics. The regulator’s initial assessment revealed that merging the two companies would unite two of the country’s largest ATM deployment and operations providers, alongside second-line maintenance (SLM) services. The CMA raised competition concerns nationally and identified 122 local areas where reduced market choice could affect ATM access.
Following a concession from both companies acknowledging these potential issues, the parties requested a fast-track process to offer remedies. Brink’s and NCR Atleos have until October 7, 2026, to propose acceptable undertakings in lieu (UILs). If the CMA deems the offered remedies insufficient, the merger will proceed to an in-depth Phase 2 investigation.
The broader cash-and-stock deal values NCR Atleos at $50.40 per share, offering a 24% premium. Upon completion, Brink’s shareholders will own approximately 78% of the combined entity, while NCR Atleos stockholders will hold 22%. The acquisition is expected to generate $10 billion in revenue, $200 million in pre-tax annual run-rate cost synergies, and a minimum of 35% EPS accretion.
While the merger has already secured shareholder approval from both companies and U.S. antitrust clearance under the Hart-Scott-Rodino Act, the outcome of the UK review remains pivotal to the transaction’s targeted closing date in the first quarter of 2027.
