Brink’s to buy NCR Atleos for about $6.6 billion in cash-and-stock deal

Brink’s announced it will acquire NCR Atleos in a definitive cash-and-stock transaction valued at roughly $6.6 billion, the companies said on February 26. The deal pays NCR Atleos shareholders $30.00 in cash plus 0.1574 shares of Brink’s common stock for each Atleos share, implying $50.40 per share based on Brink’s closing price of $129.58 on February 25, 2026.

Under the agreement Brink’s will issue about 13.3 million of its common shares and pay approximately $2.2 billion in cash, while assuming roughly $2.6 billion of NCR Atleos indebtedness. The per-share consideration represents about a 24 percent premium to NCR Atleos’ February 25 close and roughly a 26 percent premium to its 30-day volume-weighted average price. After closing, existing Brink’s shareholders are expected to own about 78 percent of the combined company, with NCR Atleos shareholders holding about 22 percent.

Company materials and market writeups position the acquisition as a strategic move to combine Brink’s global cash-management and route-based operations with NCR Atleos’ ATM management capabilities and owned ATM network. The combined business, the companies said, will serve financial institutions, governments, retailers and independent ATM operators in more than 140 countries and aims to expand Brink’s into larger, under-penetrated addressable markets and higher-margin ATM management and deposit return services. Stocktitan and press materials state the transaction is expected to deliver at least 35 percent accretion to earnings per share and to generate roughly $200 million in annual run-rate cost synergies; those figures are company expectations.

Mark Eubanks, president and chief executive officer of Brink’s, said in the release, “This acquisition further supports Brink's ability to deliver enhanced customer solutions and accelerates our value creation strategy. NCR Atleos is a partner we know well, and our business cultures are closely aligned around customer success, continuous improvement, and managing the interface between physical to digital payments to enable ease of cash acceptance and use. By combining our organizations, we gain critical scale and complementary, integrated capabilities to drive our ambitious growth strategy and provide new levels of service to our global customer base.”

Tim Oliver, president and chief executive officer of NCR Atleos, said the deal “will enhance offerings to financial institutions and retailers and create more opportunities for our employees. The transaction delivers significant value to NCR Atleos shareholders and enables their participation in the future success of the combined company.”

Brink’s said the cash portion will be funded with a mix of cash on hand and new borrowing. Finimize reported that the transaction is backed by a $4.5 billion committed bridge loan from Morgan Stanley and cautioned that financing risk will draw scrutiny from investors, who will watch interest rates, credit spreads and the timing of refinancing. King & Spalding, in a client note, confirmed the February 26 announcement and listed the firm’s corporate team advising NCR Atleos: Keith Townsend, Rahul Patel, Robert Leclerc, Michelle Stewart, Jarrod Hall, Baylie Evans, Kristen Landers, Angel Reed and Nick Nelson.

The companies said the deal, first carried via a GlobeNewswire release, remains subject to customary closing conditions, including regulatory approvals and shareholder votes. King & Spalding and Finimize both expect the transaction to close in the first quarter of 2027, a timeline that market observers say adds execution risk as the businesses must perform while borrowing costs and market conditions could change.