M&A · Tech · Calculating & Accounting Machines (No Electronic Computers)
Brinks Co to acquire NCR Atleos Corp
Announced Feb 26, 2026 · Pending May 27, 2026
Deal value$6.60BEV $6.10B
Premium24.0%To unaffected price
EV / Adj. EBITDA8.2x1.4x EV / Revenue
ConsiderationCash and stock$50.40 per share
Transaction
- Acquirer
- Brinks Co (BCO)
- Target
- NCR Atleos Corp (NATL)
- Buyer type
- Strategic
- Offer price per share
- $50.40
- Enterprise value
- $6.10B
- Status
- Pending May 27, 2026
Deal protections
- Break fee (target pays)
- $145M · 2.2%
- Reverse fee (buyer pays)
- $175M · 2.7%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley, BofA Securities, Truist Securities
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- JPMorgan
- Morgan Stanley fee
- $35.0M
- JPMorgan fee
- $43.0M
Sector context · Tech
- Comparable deals
- 67 in the prior 24 months
- Premium
- 24.0% vs. 37.1% sector median
- EV / Adj. EBITDA
- 8.2x vs. 16.5x sector median
- Break fee
- 2.2% vs. 3.0% sector median
Timeline
- AnnouncedFeb 26, 2026
- Proxy filedMay 27, 2026
- Definitive proxyMay 27, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesMorgan Stanley$36.00$59.00
Trading comparablesMorgan Stanley$35.00$60.00
Future share priceMorgan Stanley$43.00$66.00
Precedent transactionsMorgan Stanley$50.00$72.00
Analyst price targetsMorgan Stanley$37.00$60.00
Trading comparablesJPMorgan$25.00$49.25
Trading comparablesJPMorgan$92.00$128.25
Precedent transactionsJPMorgan$19.50$65.50
Discounted cash flowJPMorgan$41.25$53.75
Discounted cash flowJPMorgan$142.25$172.75
Offer $50.40
Implied value per NCR Atleos Corp share by analysis, from Morgan Stanley and JPMorgan.