Dover, Nautilus Hyosung terminate Triton acquisition

Dover, Nautilus Hyosung terminate Triton acquisition

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Tags: Public Companies
5/22/09 - Bill Yackey

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LONG BEACH, Miss. — Triton has announced that its parent company, Dover, and Nautilus Hyosung have terminated an acquisition agreement for Triton.

Dover and Nautlius Hyosung entered into an agreement last August for Nautlius to acquire Dover's Triton systems. The deal was worth $63 million.

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James Phillips, director of North American sales for Triton, said both companies have been going through the anti-trust review with the Department of Justice (DOJ) and yesterday decided to walk away from the deal due to challenges that appear to be continuing with the DOJ and the anti-trust review process.

"It looked like impediments with the DOJ were going to continue on and it was better to just stop and go our separate ways," Phillips said.

Phillips said had it gone through, the acquisition would have made an impact on a global scale.

"Nautilus and Triton are very strong in certain markets globally," he said. "I think there was some good synergy to be had on a worldwide basis in various markets overseas. Certainly in the U.S. there would have been some synergies on the financial equipment side and on the retail ATM side also."

When asked about the future of Triton, Phillips said it is going to continue to push forward as a stand-alone company.

"We are a little disappointed in the outcome since there has been so much time and effort over the last 10 months or so trying to push this through," he said. "At the same time, it frees us up to get back to doing what we do best, and that is selling ATMs, parts and services and assisting our customers in the field."

Triton has been calling its customers today to alert them of the news, and Phillips said the response has been positive.

"I think there has been this black cloud looming, like with any acquisition," he said. "But I think our customers have been very receptive to the fact that it's done, it's behind us and we're moving forward."