DAYTON, Ohio – NCR Corp. shares surged 7% to $45.12 this morning after the company announced plans for a tax-free spin-off its successful Teradata data storage operations to shareholders. The spin-off will leave two publicly traded companies, including Teradata, with $1.5 billion in annual revenues, and the company’s core automated financial services operations, which includes ATM and financial kiosks manufacturing and services, retail self-check-out, automated bill payment, and airline, hotel and hospital self-service kiosks. Completion of the spin-off is contingent on several conditions, including approval by the Internal Revenue Service. Approval of NCR shareholders is not required. JP Morgan Chase is advising NCR on the spin-off.
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