EFunds has entered into a definitive agreement to sell its network of 17,200 ATMs in the US and Canada to Oregon-based TRM Corporation for $150 million.
The ATM portfolio is comprised of approximately 2200 full placement and 15,000 merchant owned units.
Shares in both companies soared on the news, with TRM stock rising 32.97% during Tuesday's trading to close at $18.19, while eFunds climbed 16.80% to $16.80.
Commenting on the acquisition, Paul Walsh, chairman and CEO, eFunds, says: "Selling our ATM deployment business and expanding our management services operations is part of eFunds strategy to focus on higher growth, higher margin opportunities, while augmenting our global footprint in our core outsourcing, processing and risk management businesses."
TRM says as a result of the transaction, it will operate the single largest international ATM network, with 21,800 deployed units in North America and the UK.
In connection with the deal, Arizona-based eFunds has secured a five-year contract to provide ATM driving, processing and management services to TRM's combined network of Acash machines.