PARIS -- Diebold announced it will acquire the financial self-service assets and related development activities of Amsterdam-based Getronics NV and Groupe Bull, headquartered near Paris, as has been rumored for the past several months. The deal is valued at approximately $160 million.
With annual revenue totaling approximately $250 million, the acquired business includes ATMs, cash dispensers, other self-service terminals and related services, primarily for the global banking industry.
The agreement includes SIAB, a manufacturing facility located in Cassis, France; Cable Print, a financial self-service terminal manufacturer in Brussels, Belgium, and approximately 1,300 employees in manufacturing, management, sales and service in more than 20 countries.
Getronics and Bull will distribute Diebold's and SIAB's products in several countries in Central and Eastern Europe, Africa, Asia, and the Middle East.
Bull sold about 4,000 machines worldwide in 1999, including 3,600 in Europe, which ranked Bull among the five leaders. Getronics markets and services Olivetti-branded ATMs, which were purchased from Wang Global in 1998. Both Bull and Getronics' self-service terminals are manufactured at the SIAB facility.
According to Diebold, the acquisition will be significantly accretive in 2000 excluding goodwill write-off, and at least neutral on 2000 earnings including goodwill.
Including its earlier acquisition of Brazilian ATM manufacturer Procomp Amazonia Industria Electronica, S.A, this agreement puts Diebold near $2 billion in revenue on an annualized basis.
"Through this alliance, we will strengthen Diebold's market presence and service capabilities in Europe," said Walden O'Dell, Diebold president and CEO. "The SIAB product line will form the basis of an expanded product set specifically targeted at the European market. Current product lines will continue to be enhanced and produced as long as demand exists."
Calling the acquisition "a perfect strategic fit for Diebold," O'Dell said, "These two entities have a strong position in critical geographic areas where we have traditionally not had a significant presence."
The companies anticipate completing the transactions in early March, subject to regulatory approval. More details on the transaction will be disclosed after the closing of the agreement.
Related Content
Sponsored by:
Features
Sponsored by:
News
Blogs
User Comments
- No data available.
Sponsored by:
