United States automated teller machine maker Diebold said on Monday it has agreed to acquire German rival Wincor Nixdorf in a cash-and-share deal.
The transaction values Wincor Cixdort (WIN) at around $1.8 billion, including debt, according to the two companies. The deal will result in around $160 million in annual cash savings.
Four weeks ago, Diebold sold its North America-based electronic security business to Securitas for approximately $350 million.
“Our new company will be well positioned for growth in high-value services and software — particularly in the areas of managed services, branch automation, mobile and omnichannel solutions — across a broader customer base,” said Andy W. Mattes, Diebold president and chief executive officer, in a release.
The move also comes more than four weeks after Diebold and Wincor announced they had entered into a nonbinding agreement that would combine the industry’s No. 2 and No. 3 companies by revenue.
“The combination of Diebold and Wincor Nixdorf is an exciting opportunity for both companies to shape the future of banking and retail solutions,” Eckard Heidloff, CEO of Wincor Nixdorf, said in a release.
