ATLANTA and TOKYO - June 6, 2019 -- NCR Corporation (NYSE: NCR) and Oki Electric Industry Co., Ltd. (OKI, TOKYO: 6703) today announced a definitive agreement for NCR to acquire OKI Brasil's IT services, and select software assets for financial, retail and other industries. Financial details of the transaction were not disclosed. Neither OKI's manufacturing operations nor its printing business in Brazil are included in the acquisition agreement.
"This acquisition allows NCR to further scale its business and bring additional value to customers by increasing the breadth of NCR's service offerings in Brazil, including expanded support options for banks, retailers and restaurants," said NCR President and Chief Executive Officer Michael D. Hayford.
"This is a great opportunity for our Mechatronics Division to focus on the new global business strategy to design and manufacture note recycling technology, and shift the direction of our sales efforts to the recycling modules in addition to finished ATM products," said Shinya Kamagami, OKI President. "We are delighted to work with NCR going forward, and we see this as a very complementary business relationship."
The transaction is subject to customary closing conditions. The two companies anticipate a smooth transition for customers, channel partners and employees.
NCR Corporation (NYSE: NCR) is a leading software- and services-led enterprise provider in the financial, retail, hospitality, telecom and technology industries. NCR is headquartered in Atlanta, Ga., with 34,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.
Founded in 1881, Oki Electric Industry (OKI) is Japan's leading information and telecommunication manufacturer. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI's global website at https://www.oki.com/.
Statements in this announcement regarding the proposed transaction, the expected timetable for completing the proposed transaction, future financial and operating results, future capital structure and liquidity, benefits of the proposed transaction, general business outlook and any other statements about the future expectations, beliefs, goals, plans or prospects of the board or management of NCR constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "may," "forecast," "objective," "plan," or "targets" and other similar expressions) are intended to identify forward-looking statements. There are a number of factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to obtain requisite regulatory approvals; the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employees, suppliers and customers; the ability to achieve the value creation contemplated by the proposed transaction; and the other factors and financial, operational and legal risks or uncertainties described in the NCR's public filings with the SEC.