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Blackstone entities complete sale of NCR common shares

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Blackstone entities complete sale of NCR common shares

Entities affiliated with Blackstone Group Inc. on Sept. 20 completed an offering of 9,129,966 NCR Corp. common shares at $32.75 per share.

The common shares sold were issued upon conversion of 274,548 NCR series A convertible preferred shares. NCR also completed its repurchase of 237,673 preferred shares from the Blackstone entities.

ATM maker NCR agreed to retire series A convertible preferred shares held by the private equity giant by paying $302 million to repurchase 237,673 preferred shares. The plan also calls for converting the remaining 274,548 preferred shares to common shares. The company said the transactions will eliminate $28.5 million in preferred stock dividends and will be accretive to 2020 EPS by approximately 7 cents.

Upon completion of these transactions, about 391,899 series A convertible preferred shares will remain outstanding.