News

Euronet in talks about selling India ATM business

March 22, 2012

Private equity funds Blackstone Group and Bain Capital are negotiating to buy the ATM business of Euronet Worldwide in India, said a news story at economictimes.indiatimes.com.

The story quotes sources familiar with the discussions as saying that the funds are interested in capitalizing on the rising number of ATM transactions in India. Euronet currently is the largest third-party operator of shares ATMs in India, where it operates 1,300 machines.

"The company is looking for buyers for the ATM outsourcing and deployment business while they will retain their switching operation," said one of the persons. "Both switch and ATM business contributes 50% each to the revenue."

The sale of the India ATM business could fetch as much as $250 million for Euronet. Sources said that the company was looking to sell because its EFT segment is facing profitability pressures due to rising operating costs. Euronet declined to comment on the story.

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