Euronet Worldwide Inc. a global electronic payments provider, has announced the acquisition of Bank of Ireland’s entire fleet of non-branch ATMs in the Republic of Ireland.
Under terms of the agreement, Euronet will acquire 700 non-branch ATMs while the bank will still own and operate more than 750 ATMs located across its extensive branch network. The transfer of ownership to Euronet is planned for Feb. 28, 2021.
Euronet will assume full responsibility for managing the acquired ATM network and integrating it with the company’s existing ATMs in the Republic of Ireland. In addition, Euronet plans to upgrade and enhance the ATMs with modern technology and new functionality.
There will be no operation disruptions during the physical acquisition of the machines. The acquired ATM Network will be re-branded with Euronet branding elements.
The ATM acquisition from the Bank of Ireland is part of Euronet’s strategy to consolidate ATMs in response to the numerous banks who are strategically reviewing their ATM networks for operational efficiencies while also investigating ways to expand product offerings.
“We are excited to further increase our Independent ATM Network in Ireland, with the acquisition of Bank of Ireland’s fleet of non-branch ATMs,” said Marek Szafirski, managing director, financial institutions solutions and technology, EFT Europe in the release. “This proves our strategy of being a catalyst of the ATM consolidation with our extended presence globally. We have the technology, the resources, the knowledge and a solid value proposition that places us in the forefront of payments innovation. These offerings are made available for banks wishing to compete in the new challenging market conditions.”