Scheduled dateEventLocationCountry
 Jun 01, 2016 - Jun 03, 2016 International Management Seminar 2016 - Retail/Banking Madrid Span
 Jun 14, 2016 - Jun 15, 2016 European ATMs 2016 - Banking London United Kingdom
 Jun 14, 2016 - Jun 16, 2016 UNITI expo 2016 - Retail Stuttgart Germany
 Jun 21, 2016 - Jun 22, 2016 14. Petersberg Conference - Banking Bergisch Gladbach Germany


Companies have entered into a business combination agreement in which Diebold will launch a voluntary public tender offer for all of Wincor Nixdorf’s outstanding shares

• Brings together leading global innovators in banking and retail technologies in rapidly transforming industries
• Combined company will deliver fully integrated and transformative solutions in value-added services, branch automation and omnichannel experiences
• Both companies share a common strategic focus on growing services & software, & have highly complementary offerings, geographic presence & customer bases
• Diebold will offer Wincor Nixdorf shareholders €38.98 in cash plus 0.434 Diebold common shares per Wincor Nixdorf share (1)
• Transaction values Wincor Nixdorf, including net debt, at approximately $1.8 billion, or €1.7 billion (2)
• Transaction expected to yield approximately $160 million of annual cost synergies, and the combined company will target non-GAAP operating margin (3) in excess of 9 percent by the end of the third full year following completion of the transaction

NORTH CANTON, Ohio and PADERBORN, Germany – Diebold, Incorporated (NYSE:DBD), a global leader in providing self-service delivery, value-added services and software primarily to the financial industry, and Wincor Nixdorf AG (FWB: WIN), a leading provider of IT solutions and services to banks and the retail industry, today announced that the companies have entered into a business combination agreement. Pursuant to the business combination agreement, Diebold will launch a voluntary public tender offer to all shareholders of Wincor Nixdorf. Under the terms of the agreement, Diebold will offer Wincor Nixdorf shareholders €38.98 in cash plus 0.434 Diebold common shares per Wincor Nixdorf share (1). This transaction values Wincor Nixdorf, including net debt, at approximately $1.8 billion, or €1.7 billion (2).

The combined company had pro forma revenue of approximately $5.2 billion, or €4.8 billion (4), for the trailing 12 months ended Sept. 30, 2015, excluding revenue attributable to Diebold’s North America electronic security business, which it recently agreed to divest. Following completion of the offer and subject to certain approvals, the combined company will be named Diebold Nixdorf, with common shares publicly listed on the New York Stock Exchange and the Frankfurt Stock Exchange. The combined company will have registered offices in North Canton, Ohio, U.S. and will be operated from headquarters in North Canton and Paderborn, Germany.

The combination brings together leading innovators in value-added services, branch automation and omnichannel experiences to create an industry leader focused on the entire value chain -- consult, design, build and operate -- to help financial institutions and retailers succeed in their business transformation journey. The combined company will build upon the two companies’ shared vision that services and software drive the consumer experience and enable customers to differentiate themselves in an evolving industry. The combined company will pursue a growing total addressable market of approximately $60 billion, according to independent market estimates and Diebold internal analysis

Combined Company to Deliver More Services and Innovation to the Market

“The rate of change we see in our industry is unprecedented, and by leveraging innovative solutions and talent from both organizations we will have the scale, strength and flexibility to help our customers through their own business transformation,” said Andy W. Mattes, Diebold president and chief executive officer (CEO). “Our new company will be well positioned for growth in high-value services and software -- particularly in the areas of managed services, branch automation, mobile and omnichannel solutions -- across a broader customer base. This combination was made possible through the successes we have had and continue to create in the Diebold 2.0 transformation plan. We have a history of collaboration with Wincor Nixdorf, and our shared approach will help drive a successful integration and minimize disruption. I am very excited about the many opportunities we will create together.”

“The combination of Diebold and Wincor Nixdorf is an exciting opportunity for both companies to shape the future of banking and retail solutions. Together, we can even better leverage the potential of a rapidly changing banking and retail market due to our strong combined R&D expertise. With our complementary geographic presence, we will be even closer to customers worldwide. Our common view of omnichannel software solutions will enable us to create a best-in-class customer experience to support banks and retailers to cope with challenges of digitalization,” said Eckard Heidloff, CEO, Wincor Nixdorf. “Furthermore, we are convinced that our employees will benefit from being part of an even stronger, more global organization that is well positioned for the age of digitalization.”

Highly Complementary Geographies, Customers and Solutions

The two companies share a complementary geographic reach across the Americas, EMEA and within Asia, along with strong, trusted brands backed by best-in-breed engineering. Diebold is a leading player in the Americas, whereas Wincor Nixdorf is a leading player in Europe. These two regions are also key drivers for innovation and digital transformation -- both in banking and retail. The combined company’s collective capabilities and established global market presence will offer a broader range of services and solutions across its customer base. Growth in both the software and services segments is expected to be accelerated by the combined, expanded installed base of nearly one million automated teller machines (ATMs) worldwide to the benefit of the customers. The combined company’s strong service presence will also benefit Wincor Nixdorf’s retail business.

Agreement Approved by Boards of Both Companies

Under the terms of the business combination agreement, which has been approved by Diebold’s board of directors and Wincor Nixdorf’s supervisory board, Diebold will launch a voluntary public tender offer for all outstanding shares of Wincor Nixdorf. The offer consideration will consist of €38.98 in cash plus 0.434 Diebold shares per Wincor Nixdorf share.

Based on the volume-weighted average share price of Diebold shares over the last five trading days prior to Oct. 17, 2015, the day on which the companies confirmed entry into a non-binding term sheet for a proposed business combination, the total offer consideration represented an implied value of €52.50 per Wincor Nixdorf share. This implied value represents a premium of approximately 35 percent over Wincor Nixdorf’s closing share price as of Oct. 16, 2015, and a premium of approximately 42 percent over the volume-weighted average price per share over the last three months preceding that date. The corresponding enterprise value including net debt amounts to approximately $1.8 billion, or €1.7 billion, under these terms.

Under the business combination agreement, the existing transformation program at Wincor Nixdorf will be supported by Diebold and will proceed as planned. The parties have agreed that there will be no material workforce reductions in Germany beyond this existing program as a result of the transaction. Furthermore, all labor-related laws and regulations will be respected and co-determination on the German supervisory board level shall remain unchanged.

Following the completion of the transaction, the combined company plans to deliver approximately $160 million of annual cost synergies and will target a non-GAAP operating margin in excess of 9 percent by the end of the third full year. In addition, the transaction is expected to be accretive to non-GAAP earnings per share (5) in the second year, excluding integration costs.

The terms of the voluntary public tender offer were subject to thorough analysis by Wincor Nixdorf’s supervisory board and management board as required by their fiduciary duties. The management board and supervisory board of Wincor Nixdorf consider the offer consideration proposed by Diebold fair for shareholders and the overall agreement in the best interest of Wincor Nixdorf, its shareholders, employees and other stakeholders and therefore intend to recommend the offer.

Equal Representation on the Executive Committee

Diebold’s Mattes, 54, will be CEO of the combined company. Wincor Nixdorf’s Heidloff, 59, will be president. Christopher C. Chapman, 41, the current Diebold chief financial officer (CFO), will serve as CFO of the combined company, and Jürgen Wunram, 57, Wincor Nixdorf CFO, will serve as chief integration officer and will represent the retail business in the executive committee. In total, the combined company’s executive committee of eight will be equally represented by business leaders from both Diebold and Wincor Nixdorf, including the four executives mentioned above.

Following the closing it is anticipated that along with the existing Diebold board members, three new directors will join the board of the combined company: Dr. Alexander Dibelius, chairman of the supervisory board of Wincor Nixdorf, Dr. Dieter Düsedau, member of the supervisory board of Wincor Nixdorf, and Eckard Heidloff. Also, to facilitate the integration, it is intended that three Diebold executives will join the supervisory board of Wincor Nixdorf upon closing.

Transaction Structure

The transaction will be implemented through a voluntary public tender offer for all outstanding shares of Wincor Nixdorf. Diebold expects the offer to commence during the first quarter of 2016 after filing of Diebold’s registration statement on Form S-4 with the U.S. Securities and Exchange Commission and approval of the offer document by the German Federal Financial Supervisory Authority (Bundesanstalt fuer Finanzdienstleistungsaufsicht / BaFin). The offer is subject to certain closing conditions, including regulatory approvals and a minimum acceptance threshold of c. 67.6 percent of all existing Wincor Nixdorf ordinary shares (this corresponds, after deduction of treasury shares held by Wincor Nixdorf which will not be tendered, to c. 75 percent of all current voting stock (outstanding shares)).

Given that the mixed consideration consisting of cash and stock is offered by a US corporation, Diebold, Inc. does not expect that German withholding tax will apply to Wincor Nixdorf shareholders who are not tax-resident in Germany (unless the Wincor Nixdorf shares are held as part of business assets in Germany). For Wincor Nixdorf shareholders tax resident in Germany, the tax treatment of the voluntary public tender offer will follow generally applicable German tax principles, which may include German taxation of the cash component of the consideration as a dividend for certain shareholders tax-resident in Germany. A general summary of material tax consequences related to the participation in the voluntary public tender offer will be published as part of the offer documentation. For an individual analysis of their personal tax situation in connection with the acceptance of the voluntary public takeover offer, Wincor Nixdorf shareholders are advised to consult their tax advisors.

Upon successful completion of the offer and regulatory approvals, Diebold will consolidate the financial results of Wincor Nixdorf, and Diebold’s earnings will reflect its proportionate share of Wincor Nixdorf’s earnings.

Financing the Transaction

Diebold has committed financing in place. In addition to cash on hand, Diebold expects to raise approximately $2.8 billion to fund the transaction, refinance existing debt of both companies and provide liquidity. This permanent financing is expected to be comprised of a $0.5 billion senior secured revolver and $2.3 billion of senior secured term loans and unsecured notes.

Following the transaction close, the pro forma balance sheet is expected to have net debt/EBITDA of approximately 4x (6). The combined company intends to shift its capital allocation plans to focus on deleveraging the balance sheet to be consistently below 3x net debt/EBITDA by the end of year three. Commensurate with this approach and after the transaction closes, the combined company intends to pay a dividend per share at a rate of approximately one-third of Diebold’s current annual cash dividend per share, subject to market and other conditions. Moving forward, paying a dividend remains a part of the combined company’s philosophy of returning value to shareholders.

Credit Suisse and J.P. Morgan acted as financial advisers to Diebold, along with Sullivan & Cromwell LLP, who served as legal adviser. J.P. Morgan and Credit Suisse are also providing committed financing for the transaction. Goldman Sachs acted as financial adviser to Wincor Nixdorf, along with Freshfields Bruckhaus Deringer LLP, who served as legal adviser.

About Diebold

Diebold, Incorporated (NYSE: DBD) provides the technology, software and services that connect people around the world with their money - bridging the physical and digital worlds of cash conveniently, securely and efficiently. Since its founding in 1859, Diebold has evolved to become a leading provider of exceptional self-service innovation, security and services to financial, commercial, retail and other markets.

Diebold has approximately 16,000 employees worldwide and is headquartered near Canton, Ohio, USA. Visit Diebold at or on Twitter:

About Wincor Nixdorf

Wincor Nixdorf is one of the world’s leading providers of IT solutions and services to retail banks and the retail industry. The main focus of the group’s comprehensive portfolio lies on business process optimization, especially in the branch operations of both sectors. Wincor Nixdorf has established a presence in around 130 countries around the globe, giving it an outstanding profile when it comes to customer proximity. The parent company has subsidiaries in 42 countries. The company also places great importance on building close relationships with sales partners that have an excellent knowledge of the local requirements and conditions on the customer side. Wincor Nixdorf has a total workforce of around 9,000 people. Over half of those are based outside Germany.

10/12/15 | The smart way to cash: Newly designed ATM offers fast service via mobile phone
Wincor Nixdorf is now launching a new automated teller machine (ATM) on the market that allows customers to withdraw cash using a smart phone or a near-field communications (NFC) card. The system's innovative design is intended to appeal especially to digital natives who have grown up with digital and mobile technologies. Smart phone users can initiate cash withdrawals via an app that features the branding of the bank they use. The advantage of the new CINEO C2020 is that these cash withdrawals are fast, convenient and secure – and cash can also be dispensed to third parties. For banks, certification and integration of the new systems in their existing networks is extremely simple since the CINEO C2020 uses standard software technology.

Banks everywhere are responding to digitalization by integrating mobile technologies into all their customer channels. When banks enable cash withdrawals at their ATMs via smart phone, they present themselves as innovative financial institutions that keep up with today's trends, and increase the likelihood that smart phone users among their customers will perceive them as attractive financial partners. In short: by introducing the new technology, banks “mobilize the customer experience“.

Account holders use these Smart ATMs with the help of a mobile banking app that Wincor Nixdorf provides the bank and that can be downloaded with the bank's own branding from the App Store. As early as on the way to the ATM, customers can use the app to select the account from which the funds will be withdrawn and the amount of the withdrawal. They then receive a QR code, which they scan at the ATM’s QR code scanner to identify themselves. NFC technology is also available for authentication as an alternative to the QR code. When cash is withdrawn using an NFC card, bank customers enter their PINs using a special encrypting touch sensor.

The system can also be used to dispense cash to third parties: in this scenario, the transaction data is transmitted to the recipient's mobile terminal with the aid of PC/E software, and the recipient can then collect the cash at the ATM. Another function offered by the app is an ATM finder that shows the user where to find the nearest ATM that offers cardless cash withdrawals.

In addition to its modern operating concept, users of the Smart ATM benefit from its fast, convenient transaction processing. And since the device has a contactless reader and an encrypted touchscreen for PIN entry, the risks of card trapping and skimming attacks are eliminated. Several banks in Europe, the USA and Asia have already begun testing the CINEO C 2020.

10/8/15 | Wincor Nixdorf: Acquisition of Brinks Netherlands expands business with profitable IT services
By acquiring Brink's CiT operations in the Netherlands, Wincor Nixdorf is expanding its cash management capacities in the Netherlands. The primary objective of the takeover is to provide one-stop cash management and cash logistics services to leading Dutch banks that have signed long-term agreements for them. Wincor Nixdorf is acquiring the business, infrastructure and employees of Brink’s Netherlands and will integrate them with the business of SecurCash, its subsidiary specialized in cash management and cash logistics. In the last fiscal year, both companies together already generated a business volume of €70 million. Once the acquisition is complete and activities are combined, Wincor Nixdorf will provide around 40 percent of cash management and logistics services in the Netherlands.

The acquisition will produce the necessary capacity expansion for the provision of cash handling services to four major banks. In addition, it will bring together two companies that perfectly complement each other. As a result of the acquisition, the new SecurCash will also profit from synergies from the business with banks and retail companies. These opportunities will be created by the broad customer base that Brink’s Netherlands has among Dutch retailers. After the acquisition has been completed, the company will cover the entire cash logistics chain in the cash centers located throughout the Netherlands and have more than 600 employees.

One of Wincor Nixdorf's strategic goals is to expand its business with ambitious and managed services. "As a partner of banks and retailers, our cash handling services will be seamlessly linked to our IT services to operate systems and IT infrastructures and add profitable services to our value chain end-to-end," said Eckard Heidloff, the President and CEO of Wincor Nixdorf AG. Bank and retail customers will profit from process optimization of a provider of hardware, software and services along the entire cash logistics chain, Heidloff said.

The Dutch anti-trust authority (Autoriteit Consument en Markt - ACM) approved the acquisition on September 15, 2015. Brink’s Netherlands was spun off by its American parent company in 2014 and has operated since then as an independent company.

SecurCash, a subsidiary of Wincor Nixdorf, has been providing cash handling services in the Dutch market since 2006. The company is based in Rotterdam.


Free Site and Blog Counter
Visitors Counter

2015 , All rights reserved. Protech Solutions Online ™