M&A · Industrials · Services-Business Services, NEC
NCR Corporation to acquire Cardtronics plc
Announced Jan 25, 2021 · Closed Jun 21, 2021
Deal value$2.50BEV $2.50B
Premium9.0%To unaffected price
EV / Adj. EBITDA9.7x2.2x EV / Revenue
ConsiderationAll cash
Transaction
- Acquirer
- NCR Corporation (NCR)
- Target
- Cardtronics plc (CATM)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $2.50B
- Status
- Closed Jun 21, 2021
Deal protections
- Break fee (target pays)
- $36.9M · 1.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- Committed · Barclays, Mizuho, RBC Capital Markets, BofA Securities
Advisors
- To the acquirer
- BofA Securities
- To the target
- Goldman Sachs
- Goldman Sachs fee
- $2.5M
Sector context · Industrials
- Comparable deals
- 8 in the prior 24 months
- Premium
- 9.0% vs. 41.0% sector median
- EV / Adj. EBITDA
- 9.7x vs. 9.2x sector median
- Break fee
- 1.5% vs. 2.6% sector median
Timeline
- AnnouncedJan 25, 2021
- Proxy filedMar 30, 2021
- Definitive proxyMar 30, 2021
- Shareholder voteMay 7, 2021
- ClosedJun 21, 2021
Valuation · fairness opinions
Discounted cash flow$29.01$38.21
Future share price$25.16$38.31
Precedent transactions$7.11$59.86
Premiums paid$28.46$35.70
Implied value per Cardtronics plc share by analysis, from Goldman Sachs · DCF discount rate 7.5%–8.5%.