Cardtronics to Acquire Access to Money
HOUSTON and CHERRY HILL, N.J. -- Cardtronics and Access to Money Inc. have entered into an agreement under which Cardtronics USA Inc., a wholly-owned subsidiary of Cardtronics Inc., will acquire Access to Money, the companies announced.
"Cardtronics' building and owning a proprietary ATM transaction processing infrastructure has helped unlock economies of scale on the company-owned ATM side of our business for a number of years now," said Steve Rathgaber , CEO of Cardtronics. "The Access to Money acquisition not only offers the opportunity to extend our reach with leading retail brands, including Kangaroo Express, but it also allows us to bring a new level of scale to our merchant-owned business."
Cardtronics will issue a cash payment of $0.285 per share to acquire all outstanding shares of Access to Money and will retire all of the company's outstanding indebtedness. The total cost to be paid at closing is approximately $21.2 million. The completion date for the transaction is expected to take place during the early fourth quarter.
Cardtronics is the world's largest retail ATM services provider and operates more than 41,900 ATMs around the world, according to the announcement. Access to Money is a leading operator of merchant-owned ATMs and has secured ATM services contracts for approximately 9,700 ATMs with local and regional merchants while operating nearly 650 company-owned ATMs in the U.S.
Following the acquisition, Cardtronics will provide service to Kangaroo Express convenience stores, operating approximately 1,400 ATMs throughout 11 Southeastern states.