The UK Competition and Markets Authority (CMA) is evaluating legally binding commitments offered by The Brink’s Company to resolve competition concerns surrounding its proposed acquisition of NCR Atleos Corporation.
Together, Brink’s and NCR control over 50% of the cash machines (ATMs) across the UK. Following a Phase 1 investigation, the watchdog raised concerns that combining the two providers would create a dominant market leader with limited remaining rivalry. Regulators warned that reduced competition in the operation and maintenance of ATMs could lead to fewer choices for commercial premises hosting the machines, ultimately resulting in higher withdrawal fees for consumers relying on physical cash.
To address the competition risks, Brink’s proposed structural remedies involving the sale of two UK businesses: NoteMachine, which provides ATM and cash management solutions, and TestLink, a supplier of ATM spare parts. Both parties engaged constructively early in the review process, agreeing to fast-track remedy discussions ahead of the statutory deadline to avoid a prolonged Phase 2 investigation.
The CMA provisionally found that the offered divestitures could fully resolve its competition concerns. The regulator will now launch a public consultation to gather feedback from industry stakeholders and evaluate potential buyers for the divested assets. If the proposed undertakings satisfy the authority’s requirements, the transaction will be conditionally cleared under the Enterprise Act 2002 without facing an in-depth Phase 2 review.
Elie Yoo, Senior Director of Mergers at the CMA, emphasized the necessity of protecting market dynamics, stating that cash machines remain essential for public access to banking services. The regulator will make its final determination after reviewing public feedback on the proposed asset sales.