trending Market Intelligence /marketintelligence/en/news-insights/trending/qa-_k3akxs83exfdegaqkw2 content esgSubNav
In This List

Olympia Financial unit selling ATM biz

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Olympia Financial unit selling ATM biz

Olympia Financial Group Inc.'s unit, Olympia ATM Inc., agreed to sell its automated teller machine business to Tarman Inc. for approximately C$1.4 million.

Tarman is a private company owned and controlled by Olympia Chairman, President and CEO Rick Skauge. He also beneficially owns, or directly or indirectly controls, around 29.14% of Olympia's issued and outstanding common stock.

Skauge said even though the ATM business has many growth opportunities, it has continued to incur losses in 2018. "The ATM Business can succeed, but not as a part of a public company," he said.

Tarman will pay through a secured demand promissory note for C$1.4 million upon deal closing. The outstanding principal amount of the promissory note will bear interest at prime plus 0.25%. All of the interest accrued will be paid on an annual basis on or before May 31 of each year.

Starting May 31, 2020, Tarman is required to repay the outstanding principal amount of the promissory note in annual installment of $140,000 on or before May 31 of each year, with the outstanding balance of the principal amount to be repaid in full on or before May 31, 2023.

Once the deal closes, Olympia Financial is also looking to amalgamate Olympia ATM with another unit, Olympia Benefits, to utilize the tax losses held by Olympia ATM.

The deal is subject to certain conditions, which are expected to be waived or satisfied by mid-June.