Brink's (BCO) wins UK in-principle acceptance of its NoteMachine remedy for the NCR Atleos deal, October 2026

The UK Competition and Markets Authority has accepted in principle Brink's offer to divest its UK ATM business, NoteMachine and TestLink UK, to settle competition concerns about its acquisition of NCR Atleos, The Brink's Company (NYSE: BCO) said on Thursday, October 8, 2026. The regulator said the offer might be acceptable and will seek views from third parties before a final decision, MLex reported. Brink's said the deal remains on track to close early in the first quarter of 2027. The news reached the MoveSurge news feed at 09:09:00 UTC, before the US open; Brink's closed on October 7 at $102.07, down 1.38%, and NCR Atleos (NYSE: NATL) at $45.47, down 0.44%.

What the CMA objected to

On September 30 the CMA concluded its Phase 1 review on a fast track, because the companies had accepted that the case met the test for an in-depth investigation. It found the merger could reduce competition in deploying and operating ATMs in the UK, nationally and in local areas, and in second-line ATM maintenance, and said the combined company would be the UK's largest ATM deployer by some margin. NCR Atleos runs Cardtronics' UK estate; Brink's owns NoteMachine, which it bought in October 2022 for about $179 million when it ran more than 9,000 ATMs. On September 30 Brink's offered to divest NoteMachine and TestLink UK, saying potential acquirers had shown strong preliminary interest, and the CMA gave it until October 7 to submit formal proposals.

No acquirer has been named. Brink's said on October 8 that it is in talks with a number of prospective acquirers and that the divestment does not affect the $200 million of annual run-rate cost savings it expects within three years of closing, because its earlier guidance already allowed for it. The CMA will now consult on the proposed undertakings before deciding whether to accept them formally.

What an NCR Atleos share is worth under the deal

Brink's agreed on February 26 to pay $30.00 in cash plus 0.1574 of a Brink's share for each NCR Atleos share, worth $50.40 at Brink's February 25 close of $129.58, a premium of about 24%. The cash part is fixed and the share part moves with Brink's stock, which has since fallen 21.23% to $102.07. At that price the offer is worth $46.07 a share, of which $16.07 is Brink's stock, against $20.40 at announcement.

NCR Atleos closed $0.60 below the offer value on October 7, a gap of 1.31%. That gap is what arbitrage investors charge for waiting until early 2027 and for the chance that the deal fails. The US antitrust review ended in May, and India and South Africa cleared the deal in July and August.

The review so far

1. February 26, 2026: Brink's agrees to acquire NCR Atleos for cash and stock in a deal valued at about $6.6 billion including debt.
2. May 11: the US Federal Trade Commission grants early termination of the antitrust waiting period.
3. June 30: shareholders of both companies approve the deal.
4. July 22: India's Competition Commission approves it without conditions; South Africa follows on August 11.
5. August 26: the CMA formally opens its Phase 1 investigation.
6. September 30: the CMA finds competition concerns in UK ATM services, and Brink's offers to divest NoteMachine and TestLink UK.
7. October 8: the CMA accepts the remedy in principle and opens consultation.