DirectCash Payments Inc. (DCI.TO) announced that it has entered into an agreement with Triton Systems of Delaware, LLC to acquire the automated teller machine business of InfoCash Holdings Limited, a wholly owned subsidiary based in the United Kingdom.
The purchase price was GBP 11.8 million or C$19.1 million including working capital such as inventory, prepaid expenses and accounts receivable.
The acquisition is subject to customary purchase adjustments and holdbacks and was initially funded from DirectCash's acquisition credit facility.
A total of approximately 4,700 ATM sites and related contracts were acquired by DirectCash in the United Kingdom. The acquisition of these ATM contracts brings the total number of DirectCash's active ATM locations to approximately 12,300.
The acquisition is expected to be accretive to DirectCash's funds from operations per share.
The company said that InfoCash was founded in 1999 and has been successful in creating a very profitable and well managed portfolio of ATMs in the United Kingdom.
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