Kiosk manufacturer Outerwall has agreed to buy kiosk network ecoATMfor USD350m. Outerwall, formerly known as Coinstar, will expand its portfolio to recycling personal devices. ecoATM’s kiosks accept used MP3 players, tablets and mobile phones in exchange for money. EcoATM will keep its headquarters in San Diego as part of the deal, but plans to establish more kiosks across the US.
Outerwall’s announcement comes in the same week it changes its name from Coinstar. The firm previously concentrated on coin-counting kiosks and owns Redbox, a kiosk for renting videogames and DVDs. Outerwall already owns a 23% stake in ecoATM, which will be taken out of the USD350m transaction.
“With ecoATM, Outerwall will advance its evolution into multiple automated retail businesses and increase our exposure to the growing demand for refurbished products and mobile devices across the globe,” said J. Scott Di Valerio, chief executive officer of Outerwall. “As evidenced by our growing investment in ecoATM over the last four years, we are confident that ecoATM’s innovative, environmentally minded business model will continue to resonate with today’s technology savvy consumers.”
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