NCR Corp On Track To Spin-Off NCR Atleos In 4Q23; Maintain Buy

Deal Overview

On August 16, 2023, NCR Corporation (NYSE: NCR, $29.84, Market Capitalisation: $4.2 billion), a leading enterprise technology provider for retail stores, restaurants, and self-directed banking, announced that the U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement on form 10 filed by NCR Atleos (Spin-Off). Post-spin-off, NCR RemainCo will be named NCR Voyix, focused on digital commerce business, and NCR Atleos (Spin-Off) will focus on ATM business. As per the amended Form 10, each NCR shareholder would receive one share of NCR Atleos common stock for every two shares of NCR common stock held at the close of business on the record date, and NCR Atleos is expected to list its common stock on NYSE under the symbol “NATL”. The Company continues to expect the spin-off to be completed by the end of 4Q23, while information regarding the record date and distribution date will be provided in due course. After completing the proposed spin-off, NCR Voyix (RemainCo) will focus on the digital commerce business, continuing to operate its Retail, Hospitality, and Digital Banking businesses. NCR Atleos (Spin-Off) will include ATMfocused businesses, including Self-Service Banking, Payments & Network, and Telecommunications & Technology businesses. Moreover, NCR has announced to host Investor Days for NCR Atleos (Spin-Off) and NCR Voyix (RemainCo) on September 5, 2023.