Brink’s (NYSE:BCO) executives used their latest earnings call to outline plans to acquire NCR Atleos in a deal the companies said would create a larger, more vertically integrated financial technology infrastructure provider with expanded recurring revenue and significant free cash flow potential.
Management said the proposed transaction carries an implied value of approximately $6.6 billion and is structured as $30 per share in cash plus 0.1574 shares of Brink’s for each NCR Atleos common share. The companies said the deal is expected to take about 12 months to complete and is targeted to close in the first quarter of 2027, subject to customary conditions including regulatory approvals and shareholder approvals from both companies.
2025 results and a transaction-focused call
NCR Atleos CEO Tim Oliver said his company’s 2025 was a “successful and transformational year,” citing expansion of its service ATM estate, higher customer satisfaction, and growth in revenue, profitability, earnings, and cash flow. Oliver attributed performance to new business wins, rapid growth in ATM-as-a-service, and geographic expansion of both its network and ATM-as-a-service business.
Strategic rationale: building a broader ATM and cash management platform
Eubanks said the acquisition would combine “two complementary, trusted, and globally recognized financial technology infrastructure providers” serving banking and retail customers. He emphasized that NCR Atleos’ ATM installed base and capabilities in software, service, and ATM management complement Brink’s global cash management expertise and route-based infrastructure.
As described on the call, the combined company is expected to have:
- Approximately $10 billion in total revenue
- Approximately $2 billion in adjusted EBITDA
- Adjusted EBITDA margins “approaching 20%” before synergies
Eubanks said the combined business would have a larger portion of subscription-based recurring revenue, which management expects to add predictability to a “resilient mid-single-digit organic revenue growth outlook.” He also said the combined capabilities would span “every touch point in the value chain,” from ATM equipment purchase through logistics and service networks, and could support continued momentum in bank outsourcing and ATM outsourcing.
Oliver described NCR Atleos as an independent company since fall 2023, focused on self-service banking. He said NCR Atleos provides end-to-end ATM management, owned and operated utility ATM networks, and ATM-as-a-service solutions. He highlighted a global installed base of approximately 600,000 ATMs, including roughly 80,000 in a utility ATM network that includes the Allpoint Network in the U.S. Oliver also cited examples of NCR Atleos customers, including Capital One, Citibank, JPMorgan Chase, Wells Fargo, 7-Eleven, CVS, and Kroger.
Retail opportunity: linking AMS and DRS to streamline store visits
Eubanks argued the combination could expand opportunities in Brink’s DRS segment, particularly in retail locations where multiple vendors currently manage ATM replenishment, register cash coordination, and device maintenance. He said an integrated approach could streamline “the entire cash and payments ecosystem,” reduce trips to stores, improve service levels, and improve cash flow for retailers.
During the Q&A, executives discussed cross-selling potential but said they had not sized revenue synergies. Eubanks referenced Brink’s experience after acquiring PAI, describing situations where different teams were servicing different devices at the same location. He said reducing “truck roles” and cross-training technicians across ATM and DRS devices could improve responsiveness and reliability. CFO Kurt McMaken added that the companies know they each operate in locations the other does not today, creating opportunity in the U.S. and internationally.
The companies also pointed to route density benefits. Eubanks said Brink’s has prioritized route optimization, especially in North America, where it increased revenue per vehicle by 14% in 2025. He said adding NCR Atleos’ installed base would densify routes and improve labor and capital efficiency, potentially expanding Brink’s ability to serve a wider set of customers, from large retailers to small and medium-sized businesses.
Deal economics, synergies, and capital allocation
Management repeatedly characterized the deal as “strategy first,” but also highlighted financial expectations. Eubanks said the purchase price reflects a 7x multiple on consensus estimates for NCR Atleos’ 2026 adjusted EBITDA, and that incorporating expected cost synergies reduces the multiple to below 6x. Brink’s also said the deal is expected to be at least 35% accretive to earnings per share in year one.
McMaken said the companies expect $200 million of annual run-rate cost synergies, targeted to be fully realized within three years, with a cost to achieve “roughly one to one.” He said the synergy plan has three primary components:
- Over half from eliminating duplicative SG&A costs
- Approximately $70 million from service network and infrastructure overlap
- Approximately $25 million from procurement savings through combined purchasing power
Executives emphasized that revenue synergies from cross-selling were not included in the synergy estimate or the financial returns presented. In response to questions about the growth outlook, Eubanks said mid-single-digit organic growth remained “the right way to think about it” for the combined business overall, while noting higher-growth areas such as Brink’s AMS/DRS and NCR Atleos’ ATM-as-a-service. He added that the total addressable market for bank outsourcing “has yet to really start in earnest,” though both companies are seeing customers explore integrated outsourcing solutions.
On cash generation, McMaken said the two companies generated $762 million of combined free cash flow in 2025, representing 42% conversion of combined adjusted EBITDA. He said management has “line of sight” to more than $1 billion of annual free cash flow over the next few years, supported by EBITDA growth, capital efficiency efforts, and working capital improvements.
During the expected pre-close period, McMaken said both companies plan to shift capital allocation toward net debt reduction, targeting net leverage of 2x to 3x adjusted EBITDA and aiming to return to that range by the end of 2027. He said the cash portion of the acquisition will be funded by cash on hand and a fully committed bridge facility that has already been secured. Once targeted leverage is achieved, management said it expects to pivot toward shareholder returns.
Eubanks also addressed risks, pointing to potential “distraction” as the primary concern, and said the companies have “ring-fenced” day-to-day operations from the deal team and will use an integration management office to support the process.
About Brink’s (NYSE:BCO)
The Brink’s Company (NYSE: BCO) is a global leader in secure logistics and cash management solutions. The company provides a comprehensive suite of services that span armored transportation, cash-in-transit (CIT), ATM services, smart safe solutions, and valuables storage. Through its network of service centers and armored vehicles, Brink’s ensures the safe and efficient movement of currency, precious metals, and other high-value assets for banks, retailers, mints, and government agencies.
Brink’s armored transport operations are complemented by technology-driven cash management offerings, including deposit automation and secure vaulting.
