BCO - Brink's acquires NoteMachine for $179M to ramp up ATM managed services business

• Brink's ( NYSE: BCO ) said Monday it acquired NoteMachine , which manages over 9K ATMs in the U.K., for ~$179M or 5x adj. EBITDA.
• For the fiscal year ended June 30, NoteMachine generated ~$131M revenue and ~$36M adj. EBITDA at current exchange rates.
• The acquisition, which is expected to be accretive to BCO's earnings in the first year, was financed with cash and its existing credit facility.
• The deal expands footprint of BCO's ATM managed services business to ~130K ATMs worldwide.
• David Dove, leader of BCO's global ATM managed services business, will oversee NoteMachine's management.
• "We will leverage NoteMachine's fully integrated model, including its global TestLink parts business, to support growth across financial institution and retail customer segments," said Dove.
• In Q3, BCO repurchased 501.6K shares for $27.3M and an average price per share of $54.36.
• BCO now has ~$223M remaining under its existing buyback program.

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