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Cardtronics Accepts Apollo Acquisition Offer

Cardtronics will be taken private once the deal goes through in the first half of 2021.
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ATM company Cardtronics  (CATM) - Get Cardtronics plc Class A Report announced Tuesday it had agreed to be purchased by Apollo Global Management  (APO) - Get Apollo Global Management Inc. Report and Hudson Executive Capital for $2.3 billion, or $35 per share. 

The per share purchase price represents a 60% premium to Cardtronics' volume-weighted average share price over the 30 days prior to Dec. 8, when news of a potential deal first leaked. 

Cardtronic shares were inactive but listed as down 1.74% to $35.05 in pre-market trading on Tuesday, while Apollo Global Management shares were inactive but listed as down 0.90% to $47.40. 

“This announcement represents an exciting milestone for Cardtronics and is a testament to the strength and value of our company and the talented team we have in place,” said Ed West, CEO of Cardtronics, in a statement.

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The purchase is expected to close in the first half of 2021, at which time Cardtronics will become a privately-held company with common shares no longer listed on any public market. 

Goldman Sachs is serving as financial advisor to Cardtronics while RBC Capital, Barclays and Mizuho are acting as financial advisors to Apollo and Hudson Executive. 

Cardtronics is a leading financial self-service provider, enabling cash transactions at 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific and Africa.

Last month, Cardtronics and GetGo, a convenience store chain owned by food retailer and distributor Giant Eagle Inc., said that they will be partnering to position First National Bank (FNB) branding on 49 Cardtronics-owned Allpoint ATMs located in GetGo stores across Northeast Ohio.

In late October, Cardtronics reported quarterly earnings of 49 cents per share on revenue of $279.4 million, topping analyst estimates of 30 cents per share on revenue of $273.81 million.