News

Cardtronics to 'redomicile' in UK

April 29, 2016

Cardtronics Inc. has announced a plan to change its parent company's location of incorporation from Delaware to the United Kingdom, subject to stockholder approval. The change is intended "to better align Cardtronics' corporate structure with its current and future business activities," a company press release said.

Cardtronics has a substantial business presence in the U.K., including approximately 60 percent of its global workforce. In addition, the fastest-growing segments of the company are in the U.K. and continental Europe, the release said.

Cardtronics' North American headquarters will remain in Houston, Texas. The company's European headquarters will be located in London.

According to the release, Cardtronics does not anticipate any disruption to employees, day-to-day operations, or services to its customers as a result of the redomicile.

The company said that its board of directors believes that the proposed redomicile offers a number of benefits, including:

• locating the parent company in a leading global financial center and Europe's transaction hub;
• enabling the company to more effectively compete for acquisitions on a global scale;
• elevating the company's visibility among potential U.K. and European institutional investors; and
• positioning the company to allow future earnings and cash flows to more efficiently fund ongoing global expansion.

Stockholders will have the opportunity to vote on the proposed plan at a special meeting scheduled for June 28. Subject to stockholder approval, the company anticipates that the change of the place of incorporation will become effective early in the third quarter.

Full details of the redomicile are provided in the registration statement on Form S-4 filed with the SEC by Cardtronics Group Ltd.