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Cardtronics agrees to acquire DirectCash Payments

Cardtronicsplc has agreed to acquire Alberta, Canada-based ATM servicesprovider DirectCash Payments Inc.

Cardtronics will acquire all of the outstanding equity of DirectCashfor C$19.00 per share in cash, representing a transaction value of about US$460million, including approximately $53 million of debt incurred by DirectCash tofinance its acquisition of FirstData Corp.'s Australian ATM portfolio on Sept. 30. The acquisitionof First Data's ATM portfolio is expected to contribute more than $10 millionof annual adjusted EBITDA, Cardtronics said in a statement.

The combined companies would serve about 225,000 ATMs inNorth America, Europe and the Asia-Pacific region. Cardtronics plans to financethe acquisition with cash on hand and fully committed debt financing.

The transaction is expected to close in the first quarter of2017, subject to approval of DirectCash's shareholders. The acquisition isexpected to be accretive to non-GAAP adjusted net income per share afterclosing. The financial impact will be reflected in the company's fiscal 2017guidance — which is expected to be issued in the first quarter of 2017.

RBC Capital Markets LLC is the financial adviser and Baker& McKenzie is serving as legal counsel to Cardtronics. BMO Capital Marketsis serving as financial adviser and Bennett Jones is the legal counsel forDirect Cash.

As of Sept. 30, US$1was equivalent to 1.314 Canadian dollars.