News

NCR, Blackstone close the deal

Pursuant to the terms of their previously announced agreement, affiliates of Blackstone invested $820 million in NCR.

December 8, 2015

NCR Corp. has announced the closing last Friday of its previously announced transaction with the Blackstone, an investment firm.

Pursuant to the terms of the agreement, affiliates of Blackstone invested $820 million in NCR in the form of perpetual convertible preferred shares, an NCR press release said.

Also, in connection with the closing of the transaction, the NCR board of directors expanded from nine to 11 directors with the election of two new members, Chinh Chu and Greg Blank.

NCR intends to use the net proceeds from the Blackstone investment, together with cash on hand and borrowings under NCR's revolving facilities, to fund the repurchase of up to $1 billion of shares of NCR common stock.

NCR's tender offer is scheduled to expire at midnight EST, on Dec. 11, 2015, unless extended.

Additional information regarding the closing of the investment will be included in a Current Report on Form 8-K to be filed today by NCR with the Securities and Exchange Commission.

J.P. Morgan, Atlas Strategic Advisors and BofA Merrill Lynch acted as placement agents to NCR. Cravath, Swaine & Moore LLP served as NCR's legal advisor in connection with the transaction.

Citi, Goldman, Sachs & Co. and RBC Capital Markets acted as financial advisors to Blackstone. Kirkland & Ellis LLP is Blackstone's legal advisor in the transaction.