About a year ago, Korea-based ATM manufacturer Nautilus Hyosung announced plans to buy its U.S.-based rival, Triton Systems, for $63 million. The move triggered some concern about reduced competition in the industry, as it would leave only Tranax Technologies and WRG as major independent makers of ATMs.
The resulting government anti-trust scrutiny apparently proved fatal to the deal. Yesterday, Triton and Hyosung called off the merger.
James Phillips, director of North American sales for Triton, said both companies have been going through the anti-trust review with the Department of Justice (DOJ) and yesterday decided to walk away from the deal due to challenges that appear to be continuing with the DOJ and the anti-trust review process.
“It looked like impediments with the DOJ were going to continue on and it was better to just stop and go our separate ways,” Phillips said.
Triton said it will continue as an independent company, suggesting it would not immediately seek another buyer.
Tags: atm industry, atm makers, history
