ATM operator Cardtronics has agreed to divest the retail unit of its cash-in-transit operation in the UK to Loomis, a Sweden-based cash handling services company, for £18m.
The transaction is scheduled to complete on 1 July 2015. The company’s cash-in-transit business provides cash pickup and delivery services for retail stores.
The sale is expected to reduce the company’s revenues by about $13m in the second half of 2015.
Following the sale, Cardtronics will retain the ATM cash-in-transit operation and the ATM maintenance operation, and will continue to provide cash replenishment and maintenance services for both its owned and third-party ATM estates.
In November last year, Cardtronics has purchased Sunwin Services Group, which provides secure cash logistics and ATM maintenance to the Co-op Food ATM estate.
Cardtronics Europe managing director Jonathan Simpson-Dent said: "This divestiture allows Cardtronics to continue to strengthen the efficiency of our UK operations and focus on our core ATM customers."