Newly-merged ATM giant Diebold Nixdorf has calmed regulatory concerns by agreeing to sell off its Diebold UK business to local provider Cennox.
Last year, the UK's Competition and Markets Authority (CMA) ran an in-depth investigation into the $1.8 billion Diebold/Wincor merger over concerns that the deal would substantially reduce competition in the ATM market, leaving only NCR as a credible competitor.
In March the CMA said that if Diebold Nixdorf wanted the merger to be completed it must sell either Diebold’s or Wincor’s customer-operated ATMs business in the UK to a new owner, to be approved by the watchdog.
In a deal - financial terms of which have not been disclosed - expected to close tomorrow, the CMA's requirements have now been met, with Surrey-based Cennox taking on the Diebold operation serving UK customers, including 67 employees. The acquisition will allow Cennox to exclusively sell legacy Diebold hardware, services and Phoenix software in the UK and Ireland.
Meanwhile, Diebold Nixdorf can finally launch its fully integrated brand and direct presence in the UK and Ireland.
Andy Mattes, president and CEO, Diebold Nixdorf, says: "We are very pleased to put this final antitrust requirement of our business combination behind us - and excited to fully move forward in the UK and Ireland as Diebold Nixdorf."