Cardtronics Buys Allpoint ATMNetwork
HOUSTON - (02/01/06) -- Cardtronics Inc., operator of theworld's largest fleet of ATMs, announced it has acquired ATMNational and its Allpoint surcharge-free ATM network, popular withcredit unions. Ben Psillas, president and founder of Allpoint, saidthey decided to merge with Cardtronics--which already forms thebackbone of the Allpoint network--because it would amount tocutting out the middle man and allowing credit unions and otherAllpoint member/customers to deal directly with the ATM provider."That's kind of what we accomplished with this merger," Psillastold The Credit Union Journal. Terms of the deal call for privatelyheld Cardtronics to pay a total of $5.7 million, comprised of $2.6million in cash, 21,111 Cardtronics shares and $1.3 million ofassumed liabilities, for Bethesda, Md.-based ATM National, theparent company of Allpoint. Cardtronics is a minority owner of ATMNational, along with Fiserv and Diebold. Cardtronics is owned byBoston-based investment partnership TA Associates. Psillas saidafter the merger the pricing will remain the same for the 275financial institution members of Allpoint, half of which are creditunions. He said a recent affinity deal arranged with thePennsylvania, New Jersey, Maryland and Delaware has added numerouscredit unions to the network and they are talking with other stateleagues about similar arrangements. "Credit unions are asignificant portion of our business and that will remain ourfocus," said Psillas.