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A proposed deal that might have reshaped the off-premise ATM industry in the United
States is dead. Dover Corp., owner of Triton Systems of Delaware Inc., and Nautilus Hyosung Inc. mutually have agreed to terminate their agreement under which Nautilus Hyosung would have purchased Triton in a stock transaction. Long Beach, Miss.-based Triton and Seoul, South Korea-based Nautilus Hyosung announced the deal in July, according to ATM&Debit News, a CardLine sister publication. Both sides expected a quick approval by the U.S. Justice Department, and the companies originally hoped to close the deal by Oct. 1, 2008. But the Justice Department review proved too great a challenge. "There were enough impediments by the Justice Department that Dover and Nautilus Hyosung decided not to pursue the agreement," James Phillips, Triton's director of North American sales, tells ATM&Debit News. The Justice Department was prepared to turn down the deal after its antitrust division determined the agreement was anti-competitive. "The antitrust division conducted a thorough review. If the transaction had gone through, small retail establishments would have paid higher prices for retail ATMs. Competition in the market will be maintained," a Justice Department spokesperson tells ATM&Debit News. The combined companies would have controlled 65% to 70% of the $150 million to $175 million off-premise ATM market in the U.S., according ATM analysts. Off-premise ATMs are located in stores, movie theaters and restaurants, analysts say.
