DirectCash Payments completes acquisition of ATM operator Customers Limited

Financed through combination of bank debt, high yield notes and equity

DirectCash Payments, has completed the acquisition of Australian ATM operator, Customers Limited, for an undisclosed amount (view press release). The financing of the transaction is expected to be carried out through a combination of bank debt, high yield notes and equity. DirectCash expects significant accretion to funds from operations per share in the first fiscal year following the transaction.

Customers Limited, one of the Australia’s largest operators, manages around 6,600 ATMs in Australia and New Zealand. The company operates ATMs for Bank of Queensland and Coles Express and carries a range of bank brands on selected terminals including Citibank, Bendigo, Adelaide Bank and Arab Bank of Australia. The company is also a majority shareholder of New Zealand ATM services.

We are excited about the opportunity to expand our presence in the Australian and New Zealand markets, which are less mature than the Canadian market,” said Jeff Smith, President and CEO of DirectCash. “This transaction positions DirectCash as one of the largest, publicly traded, branded ATM providers in the world with approximately 18,900 active ATM sites and operations in Canada, Australia, New Zealand, Mexico, the United Kingdom and the United States.”

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