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Cardtronics announces a long-term partnership with Chemcel Federal Credit Union (CFCU) for turnkey ATM Managed Services. This agreement allows CFCU to focus on core banking services by outsourcing ATM operations and management to Cardtronics. The partnership aims to enhance customer experience and simplify ATM operations. Additionally, CFCU benefits from the Allpoint Network, providing fee-free ATM access at over 55,000 locations. Cardtronics continues to be a leader in financial self-service with over 285,000 ATMs globally.
Cardtronics (Nasdaq: CATM) announced that it will release its financial results for Q4 and FY 2020 on February 23, 2021, after market close. This announcement follows the pending transaction with NCR Corporation, leading Cardtronics to cease quarterly earnings conference calls while still providing earnings releases and SEC filings. The company operates over 285,000 ATMs globally, promoting cash transactions and growth for businesses. Additional details will be provided in an Earnings Supplement available post-release.
NCR Corporation (NYSE: NCR) has announced its acquisition of Cardtronics (Nasdaq: CATM) for $39.00 per share, totaling an enterprise value of approximately $2.5 billion. The deal aims to enhance NCR's revenue mix towards software and services, accelerating its NCR-as-a-Service strategy. Both companies' Boards have approved the transaction, expected to close mid-2021, subject to regulatory approvals. NCR plans to finance the acquisition through cash and committed financing. The combined entity anticipates achieving $100-$120 million in cost synergies by the end of 2022.
Cardtronics (NASDAQ: CATM) has filed a preliminary proxy statement regarding its acquisition by Catalyst Holdings Limited, initially announced on December 15, 2020. On December 31, 2020, Cardtronics received an unsolicited bid from a third party to acquire its shares for $39.00 each. This proposal involves minor amendments to the existing Acquisition Agreement and is supported by a reputable financial institution's commitment for debt financing. The Cardtronics Board continues to support the Catalyst Holdings acquisition while entering talks with the third party under a non-disclosure agreement.
Transaction Valued at $2.3 Billion
Cardtronics (Nasdaq: CATM) has announced a definitive agreement for acquisition by Apollo Funds and Hudson Executive Capital for $35.00 per share in cash. This offer is a 60% premium to the average share price over the previous 30 trading days. The total enterprise value amounts to $2.3 billion, including net debt. Expected to close in H1 2021, the transaction is subject to shareholder approval and regulatory conditions. This transition to a private company aims to enhance growth and innovation.
Cardtronics plc (NASDAQ: CATM) announced it has received a cash acquisition proposal from Apollo Global Management and Hudson Executive Capital for $31.00 per share. The Board of Directors will evaluate this offer, although no timeline for a final decision has been established. Douglas Braunstein of Hudson Executive Capital has recused himself from discussions. Financial and legal advisors, including Goldman Sachs, have been retained for this process. No further public comments will be made until the Board has a specific course of action.
FNB Expands ATM Presence in Northeast Ohio
First National Bank (FNB) and Cardtronics have enhanced their partnership by branding 49 Allpoint ATMs at GetGo locations in Northeast Ohio. This agreement doubles FNB's ATM presence in the state, now boasting over 80 ATMs alongside nearly 30 branches. Customers will benefit from surcharge-free transactions, improving cash accessibility. FNB's Chief Consumer Banking Officer emphasized the success in serving local clients, while Cardtronics highlighted the significance of this branding program for increasing visibility and service reach.
Cardtronics reported third-quarter results for 2020, revealing total revenues of $279.4 million, down 20.5% year-over-year. The U.S. market showed signs of recovery, approaching prior year levels. The company generated strong free cash flow of $55.6 million, up from $48.2 million in 2019. Cardtronics expanded partnerships with financial institutions like U.S. Bank and Chime, enhancing its ATM network. However, GAAP net income decreased to $5.7 million, or $0.13 per share, from $20.9 million, or $0.46 per share last year.
Cardtronics and Chime have entered a partnership to enhance ATM access for Chime members. Beginning in 2021, Chime users can withdraw cash surcharge-free at selected Allpoint ATMs located in top U.S. retail establishments. With 85% of Americans living within five miles of a Cardtronics-owned ATM, this agreement aims to provide greater convenience and accessibility. Cardtronics operates the world’s largest retail-based surcharge-free ATM network, enhancing cash accessibility for consumers.
Cardtronics plc (NASDAQ: CATM) has announced a conference call scheduled for October 29, 2020, at 4:30 p.m. CDT to discuss its financial results for the quarter ending September 30, 2020. The results will be released prior to this call, providing insights into the company's performance. Interested parties can join by dialing (877) 303-9205 or accessing a live audio webcast on Cardtronics' investor relations website. A digital replay will be available until November 5, 2020.
