Cardtronics acquires off-premises ATMs from Chase

 In News

Cardtronics Inc has acquired 2,586 cash-dispensers from Chase Bank. The machines are situated mainly in high-traffic retail stores, according to a Cardtronics press release. Terms of the deal were not disclosed.

Most of the ATMs are located in Walgreens, ampm and Duane Reade stores. The fleet also includes devices at several airports and other retail locations across the U.S., the release said.

Chase will continue to serve customers through its bank ATM network, and Chase customers will continue to have surcharge=free access to the ATMs at least until retailer contracts expire.

In the recent Q1 earnings call, Cardtronics CEO Steve Rathgaber said he thought the acquisition might be the beginning of a larger trend:

… I think we’re seeing in several of our markets — U.K., Canada, in particular, but also even in Mexico — a desire by banks to have access without having to be the capital deployer and without having to be the entity that is focused on having to service [the ATM].

… So, we’re seeing a pipeline build of opportunities and multiple markets around this kind of thing and we’re optimistic it is definitely a transition point in our journey to a new kind of opportunity.

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