NCR Announces Definitive Agreement to buy Minority Interest Banco Bradesco Holds in NCR Manaus
Wednesday, June 12th, 2019
NCR Corporation and Banco Bradesco announced a definitive agreement for NCR to buy the minority interest that Bradesco indirectly owns in NCR Manaus, NCR’s Brazilian manufacturing and engineering entity. Financial details of the transaction were not disclosed.
“We are pleased to continue our partnership with our valued customer Banco Bradesco,” said NCR President and Chief Executive Officer Michael D. Hayford. “At the same time, we look forward to applying our manufacturing and engineering operations in Manaus to more broadly serve our financial customers in Brazil and build on our 83 years of experience in the country.”
NCR will continue to work with Bradesco to provide ATM solutions. NCR opened its manufacturing facility in Manaus in 2009 to respond to the need for local sourcing and better serve its customers in Brazil.
This agreement complements NCR’s recently announced initiative to expand its service and solution footprint in Brazil.
“We greatly value our close partnership with NCR,” said Mauricio Minas, Board Member of Bradesco. “Other than the change of equity ownership that occurs with this transaction, we do not anticipate there will be any other significant changes in the way we continue to work together going forward.”
The transaction is subject to regulatory approval and other customary closing conditions.