Acquisition of NCR Atleos Corporation by The Brink’s Company

Summary in terms of Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024

A. Name of the parties to the combination

1. The parties to the combination are: (a) The Brink's Company (“Acquirer”); and (b) NCR Atleos Corporation (“Target”). The Acquirer and the Target are collectively referred to as “Parties”.

B. Nature and purpose of the combination

2. The proposed transaction envisages the acquisition of 100% of the equity share capital of the Target by the Acquirer (“Proposed Transaction”). Post completion, the Target shall be wholly owned and controlled by the Acquirer.

3. The Proposed Transaction is an acquisition within the meaning of Section 5(a) of the Competition Act, 2002 (as amended) (“Act”) and is being notified under Section 6(2) of the Act.

C. Products, services and business(es) of the parties to the combination

Acquirer

4. The Acquirer is a global provider of cash and valuables management, digital retail solutions and ATM managed services, operating in over 100 countries. In India, the Acquirer principally provides cash replenishment services and ancillary first line maintenance (“FLM”) service through its subsidiary Brink's India Private Limited.

Target

5. The Target is a financial technology company providing self-directed banking solutions globally. In India, the Target's activities principally comprise: (i) manufacture and supply of ATM hardware, including through its Chennai manufacturing facility; (ii) development and licensing of ATM software; (iii) ATM managed services, including monitoring, help-desk and transaction processing; and (iv) ATM maintenance services, i.e., FLM and second line maintenance (“SLM”).

D. Respective markets in which the parties to the combination operate

6. Given the limited notional horizontal overlap between the activities of the Parties, the Proposed Transaction is not likely to cause any appreciable adverse effect (“AAEC”) on competition in India, irrespective of the manner in which the relevant market is defined. The precise relevant market definition may therefore be left open by the Hon'ble Commission.

Horizontal Overlaps

7. In any event, to aid and assist the Hon’ble Commission in its assessment, the following relevant markets may be considered based on the horizontally overlapping business activities of the Parties, defined as: (i) Market for the supply of ATM software services in India; and (ii) Market for the supply of FLM services in India.

Complementary Linkage

8. The Parties have also identified a complementary linkage in the market for the provision of cash replenishment services in India and the market for the supply of FLM services in India.

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