HOUSTON -- Cardtronics has made its largest ATM acquisition yet, purchasing 1,704 ATMs and related placement agreements from American Express Company (NYSE: AXP).
Financial terms were not disclosed.
The deal brings the number of ATMs Cardtronics owns and/or manages to more than 12,500. Including this acquisition, Cardtronics has purchased more than 5,000 ATMs and related contracts in the past year.
The transaction brings Cardtronics relationships with 22 new corporate retail organizations and 40 independent merchants. Relationships with large corporate chains is a key part of Cardtronics' expansion strategy. (See related story Acquisitions feeding ISO growth)
"We are pleased to be serving the ATM needs of our new clients, many of whom are longstanding, prominent names in American retailing," said Jack Antonini, chief executive of Cardtronics, in a news release. "The geographic and category diversity of this portfolio nicely complements our existing business."
American Express in 2000 had more than 8,600 ATMs in 47 states under contract, following its purchase of 6,500 ATMs from EDS, as well as some smaller ATM portfolios. Shortly after that, it began divesting ATMs. American Express had 7,400 ATMs under contract in July, according to a ranking of ISOs by ATM & Debit News.
"With this sale, we are rationalizing our ATM portfolio and capitalizing on marketplace opportunities," said William Glenn, president of Establishment Services North America for American Express.
