CMA considers proposals to address concerns over cash machine deal

8 Oct 2026 11:50 AM

Remedies offered by Brink’s to address competition concerns over its acquisition of NCR may be accepted.

The Competition and Markets Authority (CMA) is considering The Brink’s Company’s (Brink’s) offer of legally binding undertakings, which includes the sale of two of its businesses, to resolve competition concerns identified during a phase 1 investigation.

Brink’s and NCR Atleos Corporation (NCR) together operate over 50% of all cash machines, also known as ATMs, across the UK.

The CMA is concerned that the deal could reduce competition in the operation and maintenance of ATMs, as the proposed merger would lead to the combined business being a very strong market leader facing limited competition from other suppliers. Without remedies, this could mean fewer options for businesses that provide ATMs on commercial premises and, ultimately, higher fees for people who rely on the machines to access cash.

Prior to the start of the CMA’s formal investigation, both businesses accepted that the deal raised competition concerns. The businesses have engaged swiftly and constructively with the CMA and proposed remedies – helping to bring forward the CMA’s decision on competition well ahead of the statutory deadline.

The proposed remedies offered include selling Brink’s NoteMachine business, based in the UK, and the UK business of TestLink. NoteMachine provides ATM and cash management solutions while TestLink supplies ATM spare parts.

Having provisionally found that the remedies offered could address its concerns, the CMA will now proceed to consider them in more detail, including seeking third-party feedback and considering potential buyers. If the CMA is satisfied that the undertakings address its concerns, it will conditionally clear the deal.

Elie Yoo, Senior Director of Mergers at the CMA, said:

Cash machines remain an important way for many people and businesses to access money and wider banking services, so it is vital that competition is protected.

Both businesses accepted early on that this deal raised competition concerns and Brink’s has now offered to sell two of its businesses to remedy this. We will consult on these proposals before deciding whether they resolve our concerns.

More information is available on the Brink’s / NCR case page.

Notes to Editors

  1. The CMA considers that there are reasonable grounds for believing that the undertakings offered by Brink’s, or a modified version of them, might be accepted by the CMA and is considering the offer.
  2. The CMA will consult on the proposed undertakings before deciding whether to accept them. If accepted, the undertakings will become legally binding and the CMA will conditionally clear the merger without referring it to an in-depth phase 2 investigation.
  3. Formal acceptance of the undertakings would result in the CMA clearing the deal under the Enterprise Act 2002.

For media enquiries, contact the CMA press office.

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