News

TRM to renegotiate deal with Travelex

December 29, 2005

PORTLAND, Ore. - TRM Corp. is expected to renegotiate the terms of its purchase of the United Kingdom-based Travelex UK Ltd.'s ATM business, according to a Dec. 29 news release. The deal, which was first announced Sept. 1, includes the ATM division of Travelex as well as Travelex ATMs Ltd., a joint venture company with Snax 24 Corporation Ltd.

TRM is expected to pay Travelex and Snax £750,000 (U.S. $1.3 million) by Jan. 3, for the deal to close by May 2, 2006. If the deal doesn't close in May, all bets are expected to be off, with TRM paying an additional $1.3 million.

A period of exclusivity through April 1, 2006, has been set for the parties to agree on alternate sale terms and conditions, including a revised sale price. TRM is expected to pay $78 million for the 1,100 ATMs included in the deal.

Read also, TRM expected to buy Travelex ATM business for $78 million.