TRM acquires Travelex ATM business

TRM acquires Travelex ATM business

Non-bank foreign exchange operator Travelex has sold its UK ATM business - comprising 1100 units - to US-based TRM Corporation for £43.4 million.

Under the deal, TRM will acquire all Travelex's off-site ATM units in the UK, which are mainly located at petrol stations and convenience stores as well as other sites including car parks and cinemas.

The acquisition includes Travelex's joint venture business with petrol service station company Snax 24, Travelex ATMs Limited.

Oregan-based TRM says the ATM portfolio is comprised primarily of long-term customer site contracts where locations are averaging around 1000 transactions per month over the last twelve months.

TRM says the acquisition will increase its presence in the UK to over 7500 ATM locations. All locations will be serviced through its in-house service network.

The deal is expected to be completed in the fourth quarter of 2005, subject to customary closing conditions.

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