Reuters reports that NCR Corporation, an Atlanta-based company that makes ATMs and self-service payment kiosks for the retail and hospitality industries, has offered to buy Cardtronics for $1.73B in cash. The offer has the potential to scuttle a prior agreement allowing private equity firm Apollo Global and investment firm Hudson Executive Capital to acquire Cardtronics.

Why should we care?
Cardtronics claims to be the world’s largest ATM operator. NCR is offering to buy all outstanding shares of Cardtronics for $39 apiece. With a Cardtronics acquisition, NCR would strengthen its position as a major player in the ATM manufacturing industry (a major competitor is North Canton, Oh.-based Diebold Nixdorf). Cardtronics has a network of 285,000 ATMs across 10 countries, and its client base includes large financial institutions, large merchants, small businesses, and independent ATM distributors. It partners with lenders, offering customers easy access to cash as bank branches close. In a statement, NCR Chief Executive Officer Michael Hayford suggested a Cardtronics acquisition would enhance the reach of its network. “Cardtronics’ debit network is highly complementary to NCR’s payments platform and will enable the combined company to seamlessly connect retail and bank customer,” he said.