Diebold Nixdorf has agreed to sell its legacy Diebold business in the UK to Cennox Group in order to meet the regulatory requirements to complete the Wincor merger.
Following the completion of the acquisition, the company plans to integrate Wincor Nixdorf U.K. and Ireland business into the global Diebold Nixdorf operations and brand.
However, financial terms of the deal were not disclosed.
Under the terms of the deal, all 67 employees from the legacy Diebold operation serving UK customers will become part of Cennox.
Based in Surrey, UK, Cennox is a provider of banking services and one of the largest independent ATM service businesses in the UK.
The acquisition by Cennox is expected to be completed on 30 June.
Diebold Nixdorf president and chief executive officer Andy W. Mattes said: "We are very pleased to put this final antitrust requirement of our business combination behind us — and excited to fully move forward in the U.K. and Ireland as Diebold Nixdorf."
Earlier, in its investigation, the UK Competition and Market Authority (CMA) had concluded that the Diebold Nixdorf merger needs a ‘structural remedy’.
In August last year, CMA referred the $1.8 billion Diebold/Wincor merger for an in-depth investigation due to unresolved competition issues.
A group of independent panel members CMA provisionally had found that the merger risks a substantial lessening of competition (SLC) in the market for the supply of customer-operated ATMs in the UK.
Image: In August last year, CMA referred the $1.8 billion Diebold/Wincor merger for an in-depth investigation. Photo courtesy of Competition and Markets Authority.