Cardtronics to Acquire EDC ATM Business for $145M
Cardtronics, Inc. (Nasdaq: CATM) today announced that its wholly-owned subsidiary, Cardtronics USA, Inc. has entered into a definitive agreement under which it will acquire EDC ATM Subsidiary, LLC and Efmark Deployment I, Inc. Under the terms of the agreement, and upon closing, Cardtronics will pay $145 million, plus or minus an adjustment for working capital as of the closing date. Cardtronics expects this transaction to be accretive to adjusted net income per share in 2011 and increasingly accretive in future years as synergies are fully realized.
Upon closing of the transaction, Cardtronics will acquire all ownership interests in EDC's ATM business, including approximately 3,700 ATMs, as well as numerous ATM placement agreements with high-traffic U.S. retailers and ATM branding contracts with some of America's largest financial institutions. EDC operates nationwide with an ATM placement portfolio focused on multi-state retail operators and high transacting merchant locations, such as convenience stores.
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