CMA could clear Brink’s NCR Atleos cash machine deal

The Competition and Markets Authority (CMA) has said it may accept a package of remedies that would allow it to clear the Brink’s NCR Atleos cash machine deal without an in-depth investigation. In a statement on Thursday 8 October, the regulator said it was considering legally binding undertakings from Brink’s, including the sale of two UK businesses. The CMA has not yet formally cleared the deal, and it will consult on the proposals first.

Brink’s said the same day that the CMA had accepted its proposed remedy in principle. The CMA’s own statement is more cautious: it says it is considering the offer and has not yet decided. Brink’s said the acquisition remained on track to close early in the first quarter of 2027.

Brink’s NCR Atleos merger approval conditions

The remedies offered include selling Brink’s UK NoteMachine business and the UK business of TestLink, according to the CMA. NoteMachine provides ATM and cash management solutions, while TestLink supplies ATM spare parts. The CMA said it had provisionally found that the remedies could address the concerns it raised in its phase 1 investigation.

Brink’s described the sale as an “undertaking in lieu” of a referral for a phase 2 investigation. In its statement, the company said it was committed to selecting a suitable buyer and concluding the sale in a timely manner, and that it remained engaged with a number of prospective buyers.

Elie Yoo, Senior Director of Mergers at the CMA, said:

“Cash machines remain an important way for many people and businesses to access money and wider banking services, so it is vital that competition is protected.”

She added that both businesses had accepted early on that the deal raised competition concerns, and that the CMA would consult on the proposals before deciding whether they resolved them.

UK cash machine market competition: who is affected

The CMA said Brink’s and NCR Atleos together operate over 50% of all cash machines across the UK. It warned that the merged business would be a very strong market leader facing limited competition from other suppliers. Without remedies, it said, businesses that provide ATMs on commercial premises would have fewer options, and people who rely on the machines to access cash could ultimately face higher fees.

The concerns are about the operation and maintenance of machines. According to the legal news site ICLG, the CMA’s phase 1 decision, published on 30 September, focused on managed ATM services for customers other than banks, and on engineering and maintenance services for ATMs. ICLG reported that the regulator found the two companies to be close competitors in both markets.

For the public, the practical question is whether the choice of operators behind cash machines in shops and other commercial sites stays wide enough to keep fees in check. The CMA’s approach is to preserve that choice by removing the overlap between the two companies, rather than blocking the takeover outright.

What happens next for the Brink’s deal

The CMA will now look at the offer in more detail, including seeking third-party feedback and considering potential buyers. If it is satisfied that the undertakings address its concerns, the undertakings will become legally binding and the CMA will clear the deal conditionally under the Enterprise Act 2002. It would not then refer the merger to a phase 2 investigation.

The sequence of events so far, drawn from the CMA, Brink’s and ICLG, is set out below.

ICLG valued the deal at about $6.6 billion in a cash-and-stock transaction. In its statement, Brink’s said chief executive Mark Eubanks had said the potential sale had been contemplated in the financial metrics the company had previously disclosed. He said it did not affect the $200 million in annual run-rate cost synergies Brink’s expects within three years of closing.

The CMA noted that both businesses engaged swiftly and constructively, which brought its decision on competition forward well ahead of the statutory deadline. The consultation and the choice of buyer are now the points that will decide whether the clearance becomes final.