ATM operator Cardtronics has signed an agreement to divest its U.K. cash-in-transit operation for retailers to international cash handling services company Loomis.
The deal is expected to close July 1. The purchase price is about $28 million, including $5.6 million of fixed assets, according to a May 26 press release.
In November, Cardtronics acquired Sunwin Services Group, which provided ATM support and managed security services and a cash-in-transit service serving ATMs and retailers. In February it sold the security arm to Kingdom, a U.K. manned guarding services provider.
Now, Cardtronics is selling the retail cash pickup and delivery arm. It will keep Sunwin's ATM maintenance and cash replenishment operations.
Cardtronics owns and operates more than 111,500 retail ATMs worldwide. The company expects this divestiture will reduce its revenue in the second half of 2015 by about $13 million. It expects its impact on profits will be inconsequential to 2015 results.
