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NCR Atleos
NCR Atleos (NATL) investor relations material
NCR Atleos M&A announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A announcement summary26 Feb, 2026
Deal rationale and strategic fit
The combination creates a leading global financial technology infrastructure provider, enhancing capabilities for banking and retail customers and expanding offerings in ATM managed services (AMS) and digital retail solutions (DRS).
The deal leverages NCR Atleos' ATM network and software with Brink's cash management and logistics expertise, broadening global reach across 140+ countries.
The integrated entity is positioned to capitalize on the trend of ATM and cash management outsourcing by banks and retailers, expanding into large, under-penetrated markets.
Both companies share a customer-focused, innovative culture and have a long history of collaboration.
The deal accelerates core value creation priorities: organic growth, margin expansion, and improved free cash flow.
Financial terms and conditions
The transaction is valued at $6.6 billion, with each NCR Atleos share receiving $30 in cash and 0.1574 Brink's shares, implying $50.40 per share and a 24% premium to the prior close.
Brink's shareholders will own approximately 78% and NCR Atleos shareholders 22% of the combined company.
The cash portion will be funded by cash on hand and up to $4.5 billion in committed bridge financing.
The deal reflects a 7.2x multiple on NCR Atleos' 2026 Adjusted EBITDA, dropping below 6x after synergies.
The transaction is expected to be at least 35% accretive to EPS in year 1 and deliver about $1 billion in annual free cash flow.
Synergies and expected cost savings
$200 million in annual run-rate cost synergies are targeted within three years, mainly from SG&A optimization ($105 million), network and infrastructure integration (~$70 million), and procurement efficiencies ($25 million).
Synergies are expected to drive at least 35% EPS accretion by 2027 and significant EBITDA margin expansion.
Revenue synergies from cross-selling are anticipated but not included in current synergy estimates.
All identified cost synergies are within management's control and not dependent on external factors.
Synergies expected to drive strong free cash flow and improved capital allocation flexibility.
Breakdown of $200M annual cost synergies
Target net leverage for capital return
Strategy for AMS/DRS market penetration
Detail SG&A synergy capture plan
How will combined offerings instigate bank outsourcing?
Manage non-Atleos ATM customers post-merger?
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Next NCR Atleos earnings date
Q1 20267 May, 2026
NCR Atleos
Next NCR Atleos earnings date
Q1 20267 May, 2026
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Frequently asked questions
NCR Atleos Corporation is a financial technology company with a global presence. The company specializes in providing self-directed banking solutions across three main segments: Self-Service Banking, Payments and Network, and Telecommunications and Technology. NCR Atleos delivers comprehensive services through automated and interactive teller machine technology, encompassing software, services, hardware, and the Allpoint network. It also offers managed network and infrastructure services to enterprise clients across various industries through direct relationships with communications service providers and technology manufacturers. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
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