Combination Registration No. C-2026/05/1423, The Brink’s Company (‘Brink’s’) and NCR Atleos Corporation (‘NCR Atleos’)

Proposed Transaction

Brink’s is a global provider of cash and valuables management services (‘CVS’), digital retail solutions and ATM managed services (‘AMS’). In India, Brink’s India provides cash replenishment services and first-line maintenance (‘FLM’) as an ancillary service, while its affiliate KAL ATM Software India (‘KAL India’) provides ATM software, operational monitoring and management, ATM-related SaaS and testing services.

NCR Atleos is a financial technology company providing self-directed banking solutions. In India, it manufactures and supplies ATM hardware from its Chennai facility, develops and licenses ATM software, provides AMS including monitoring and help-desk services, and provides ATM maintenance, including FLM and second-line maintenance.

The proposed combination involved Brink’s acquisition of 100% of NCR Atleos through a reverse triangular merger.

CCI Findings

Horizontal Overlaps: Horizontal overlaps arose in ATM software services, through KAL India and NCR Corporation India Private Limited (‘NCR India’), and in FLM services, through Brink’s India and NCR India. The incremental market share was in the [0-5]% range in both markets.

Vertical Overlaps: The CCI found no existing or potential vertical linkages between the parties’ activities in India.

Complementary Overlaps: The CCI considered the relationship between Brink’s cash replenishment services and NCR Atleos’s FLM services, where the respective shares were [0-5]% and [25-30]%. It also considered KAL India’s ATM software services and NCR India’s ATM hardware, where the respective shares were [0-5]% and [35-40]%. Based on Brink’s presence, the CCI found no competition concerns, left market delineation open, and approved the combination under Section 31(1) of the Act.