Cardtronics to retire all of Access to Money's outstanding debt

By Melissa Kory

Cleveland, Aug. 15 - Cardtronics, Inc. said it will acquire all of the outstanding shares of Access to Money, Inc. for a cash payment of $0.285 per share and retire all of Access to Money's $22.8 million of outstanding debt.

The total cost to be paid at closing will be $21.2 million. Cardtronics will fund the acquisition with its revolving line of credit and operating cash flow.

Cardtronics and Access to Money have entered into a definitive agreement under which Cardtronics will acquire Access to Money through its Cardtronics USA, Inc. subsidiary. The companies expect an early fourth-quarter completion date for the transaction.

Cardtronics and Access to Money are non-bank operators of ATMs based in Houston and Cherry Hill, N.J., respectively.

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