25 April 2018
visit www.nextgenbanking.co.uk

Diebold Nixdorf sells off some business to satisfy UK watchdog

29 June 2017  |  5088 views  |  0 chequered flag

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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://response.ncr.com

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
14850 views comments | 21 tweets | 28 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
11454 views comments | 18 tweets | 32 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
9771 views comments | 26 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
8879 views comments | 20 tweets | 21 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
8818 views comments | 20 tweets | 36 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job