Cardtronics makes European push through Cardpoint acquisition

Cardtronics makes European push through Cardpoint acquisition

American ATM operator Cardtronics has strengthened its position in the UK and entered the German market through the acquisition of Cardpoint for around £100 million in cash.

Cardpoint - previously owned by Payzone Ventures - has a UK ATM estate of 7100 machines under the Cashzone brand, and another 800 machines in Germany. It generated $101 million in revenues in the 12 months to June.

Cardtronics will combine the business with Bank Machine, which it acquired in 2005 and runs a network of 4300 ATMs, to create a unit called Cardtronics Europe. Cardpoint CEO Jonathan Simpson-Dent will become managing director of Cardtronics Europe, with Andreas Raabe continuing to lead the German business.

Steve Rathgaber, CEO, Cardtronics, says: "In the UK, in Germany - this combination of the Cashzone, Cardpoint and Bank Machine ATM portfolios creates scale, synergies and geographic coverage on a level much quicker than its constituent parts could have achieved alone."

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