The Competition and Markets Authority (CMA) is currently assessing legally binding undertakings proposed by The Brink’s Company to resolve competition concerns identified during a phase 1 investigation of its merger with NCR Atleos Corporation.

Brink’s and NCR together dominate the UK cash machine market, operating over 50% of all ATMs. The CMA has expressed concerns that the merger could significantly reduce competition in the ATM operation and maintenance sector, potentially leading to fewer options for businesses and higher fees for consumers accessing cash.

Both companies acknowledged the competition issues early in the process and have proactively engaged with the CMA, proposing remedies that include the sale of Brink’s NoteMachine business and the UK operations of TestLink. NoteMachine specializes in ATM and cash management solutions, while TestLink provides spare parts for ATMs.

The CMA has provisionally found that these proposed remedies could address its concerns and will now conduct a more detailed evaluation, including seeking feedback from third parties and considering potential buyers. If the CMA is satisfied with the undertakings, it will conditionally clear the merger without the need for a more in-depth phase 2 investigation.

Elie Yoo, Senior Director of Mergers at the CMA, emphasized the importance of maintaining competition in the cash machine sector, which is vital for many consumers and businesses. The CMA will consult on the proposed remedies before making a final decision.