Cardtronics Inc. and Access to Money Inc. yesterday announced that they have entered into an agreement under which Cardtronics USA Inc. will acquire Access to Money.
Access to Money provides ATM services to merchants and financial institutions, currently operating approximately 10,350 ATMs in the U.S.
Under the terms of the agreement, Cardtronics will acquire all of the outstanding shares of Access to Money for a cash payment of $0.285 per share and retire all of Access to Money’s outstanding indebtedness.
The total cost to be paid at closing will be approximately $21.2 million. The companies announced in a press release that an early fourth quarter completion date of the acquisition is expected.
“The Access to Money acquisition not only offers the opportunity to extend our reach with leading retail brands, including Kangaroo Express, but it also allows us to bring a new level of scale to our merchant-owned business,” said Steve Rathgaber, chief executive officer, Cardtronics.
The transaction is subject to approval by Access to Money’s stockholders and the satisfaction of customary closing conditions. No approval from the stockholders of Cardtronics will be required in order to complete the merger.
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