Cardtronics, Inc. today announced a definitive agreement under which it will acquire Welch ATM for $160 million. Upon completion of the transaction, the combined company will support a global portfolio of 109,600 ATMs, including 92,500 conveniently located retail ATMs in the United States.
The combination of Cardtronics and Welch ATM will bring together two top-performing retail ATM services providers, with complementary customer bases and sales capabilities. Cardtronics has demonstrated success placing ATMs with national chain retailers and forming ATM branding relationships with national and international financial institutions. Welch ATM has established its core strength around delivering ATM services to mid-market retailers and ATM branding to mid-tier banks and credit unions. The combined business will be positioned to accelerate revenue growth, achieve cost synergies, create additional value for its retailer and financial institution customers, and drive shareholder value.
A combined Cardtronics and Welch ATM organization will also bring together the leading providers of ATM services to Walgreens. The collective Walgreens portfolio totals 5,100 ATMs and a presence in a significant portion of the retailer’s nationwide footprint. Additionally, Welch ATM will add 3,100 company-owned, Rite Aid-located ATMs to Cardtronics’ roster of premier retailer locations.
Following the completion of the transaction, Welch ATM founder and CEO Hewitt will join the leadership team at Cardtronics as executive vice president, Financial Institution and Retail Sales and Relationship Management. In this capacity, Hewitt will be responsible for all U.S. sales and customer relationship outreach and initiatives.
