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NCR to acquire minority interest of NCR Manaus held by Banco Bradesco for undisclosed sum.

M2 EQUITYBITES-June 11, 2019-NCR to acquire minority interest of NCR Manaus held by Banco Bradesco for undisclosed sum

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NCR Corporation (NYSE: NCR) and Banco Bradesco (NYSE: BBD) announced on Monday a definitive agreement for NCR to buy the minority interest that Banco Bradesco indirectly owns in NCR Manaus, NCR's Brazilian manufacturing and engineering entity.

Financial details of the transaction were not disclosed.

According to NCR, with this acquisition it looks forward to applying its manufacturing and engineering operations in Manaus to more broadly serve its financial customers in Brazil.

Also, NCR will continue to work with Banco Bradesco to provide ATM solutions. NCR opened its manufacturing facility in Manaus in 2009 to respond to the need for local sourcing and better serve its customers in Brazil.

Reportedly, this agreement complements NCR's recent initiative to expand its service and solution footprint in Brazil.

This transaction is subject to regulatory approval and other customary closing conditions.

NCR Corporation is a software-led and services-led enterprise provider in the financial, retail, hospitality, telecommunications and technology industries.

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Publication:M2 EquityBites (EQB)
Geographic Code:3BRAZ
Date:Jun 11, 2019
Words:191
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