Cardtronics to be acquired for $2.3bn
ATM owner and operator Cardtronics PLC (NASDAQ:CATM) today announced that it has entered into a definitive agreement with funds managed by affiliates of Apollo Global Management, Inc. and Hudson Executive Capital LP to be acquired for $35.00 per share in cash.
The $35.00 per share transaction price represents a 60% premium to Cardtronics’ volume-weighted average share price over the 30 trading days prior to December 8, 2020 and a 35% premium to its closing share price on December 8, 2020, the day prior to the announcement of Hudson Executive’s disclosure of its joint proposal with the Apollo Funds to acquire Cardtronics.
The transaction price indicates an enterprise value of $2.3 billion, including net debt.
Ed West, CEO of Cardtronics, comments:
“Our Board of Directors regularly evaluates all opportunities that have the potential to maximize value for shareholders. Following a comprehensive process and review of alternatives, which included discussions with strategic buyers and financial sponsors, the Board determined that this transaction is in the best interest of the Company and our shareholders.”
Mr. West added:
“As a private company, supported by Apollo and Hudson Executive, we will have increased flexibility and resources to further invest in our business to accelerate growth and innovation. We look forward to leveraging Apollo and Hudson Executive’s deep knowledge and experience investing in and growing companies like ours, as we drive value for our partners, employees, and other stakeholders.”
The transaction is not subject to a financing condition and is expected to close in the first half of calendar year 2021. The transaction is subject to the satisfaction of customary closing conditions, including approval by Cardtronics shareholders and receipt of regulatory approvals.
Upon completion of the transaction, Cardtronics will become a privately held company and Cardtronics’ common shares will no longer be listed on any public market.