CMA Finds Brink's/NCR Atleos ATM Merger May Substantially Lessen Competition, Accepts Undertakings Including Sale of NoteMachine and TestLink UK

The Competition and Markets Authority issued its Phase 1 decision on 30 September 2026, finding that Brink's anticipated acquisition of NCR Atleos Corporation may be expected to result in a substantial lessening of competition in the UK ATM operation and maintenance market. The combined entity would operate over 50% of all cash machines across the UK, creating a dominant position facing limited rivalry from other suppliers. On 8 October 2026, the CMA confirmed it has reasonable grounds to believe that undertakings offered by Brink's, including the divestiture of its NoteMachine business and the UK operations of TestLink, could address those concerns. NoteMachine provides ATM and cash management solutions; TestLink supplies ATM spare parts. Both businesses engaged constructively with the CMA before the formal investigation commenced, and acknowledged early that the deal raised competition concerns. The CMA will now consult on the proposed undertakings, seek third-party feedback, and consider potential buyers before deciding whether to grant conditional clearance under the Enterprise Act 2002. If accepted, the undertakings become legally binding and no Phase 2 referral will follow.