Loomis Fargo & Co. announced plans to acquire the cash-handling business of Pendum LLC to add to its automated teller machine servicing operations.
Loomis, a Houston subsidiary of Securitas AB in Sweden, said Thursday it is buying the cash replenishment and management services for about 43,000 ATMs across the U.S. Loomis will also maintain and repair those devices.
Loomis said it is buying the Denver company's ATM business for $100 million. The deal is expected to close at the end of April.
"This, to me, obviously signals a further consolidation in an already highly consolidated market," said Bob Meara, a senior banking analyst at Celent. "It underscores the value of scale in cash logistics."
