CMA: combined ATM firm would exceed 50 percent of UK market
The UK antitrust regulator said Thursday that Brink’s offer to shed two British businesses should address its concerns over the $4 billion acquisition of ATM rival NCR Atleos, clearing a path for conditional approval of the deal.
Britain’s Competition and Markets Authority said Brink’s, the Richmond, Virginia-based ATM operator, had proposed the disposals in response to the regulator’s finding that the transaction would leave a single ATM operator controlling more than half of the UK market, with limited competition from other suppliers.
“Without remedies, this could mean fewer options for businesses that provide ATMs on commercial premises and, ultimately, higher fees for people who rely on the machines to access cash,” the CMA said.
Brink’s announced last week it would sell its NoteMachine UK unit, an ATM and cash-management operator, and TestLink UK, a supplier of ATM spare parts, to address the regulator’s concerns.
The CMA said the proposed remedies could address its concerns and that it would now assess them in more detail, soliciting feedback from third parties and weighing potential buyers.
“If it is satisfied that the undertakings address its concerns,” the regulator said, it will conditionally clear the deal.
Brink’s said earlier this year it was aiming to acquire a majority stake in Atlanta-based NCR Atleos in a $4 billion cash-and-stock transaction.