PRN: Diebold Nixdorf Planning To Divest Legacy Diebold Business In The U.K.
Diebold Nixdorf Planning To Divest Legacy Diebold Business In The U.K.
NORTH CANTON, Ohio and PADERBORN, Germany, March 16, 2017 /PRNewswire/ --Â Diebold Nixdorf, Incorporated (NYSE: DBD), a world leader in enabling connected commerce for millions of consumers across the financial and retail industries, today announced that the U.K. Competition and Markets Authority (CMA) has published its official findings in connection with the business combination of Diebold, Incorporated and Wincor Nixdorf AG in the U.K.
The CMA has concluded that a structural remedy is required. Diebold Nixdorf is now actively pursuing a divestiture of its legacy Diebold business in the U.K. with a potential purchaser. The company believes it can satisfy the CMA's requirements and conclude this transaction as soon as practicable.
Outside the U.K., Diebold Nixdorf continues to implement its multi-year business transformation program, DN2020, which aligns the company around executing common strategies and goals to drive innovation to meet the needs of its customers and deliver shareholder value. Diebold Nixdorf today reconfirmed the company's previously disclosed financial targets for 2020, including net cost improvement of $200 million and non-GAAP earnings per share of approximately $3.501 as the combination benefits clearly outweigh the impact of the planned divestiture of the legacy Diebold business in the U.K.
On Aug. 15, 2016, Diebold completed its acquisition of Wincor Nixdorf, achieving approval from shareholders and regulatory authorities around the world. In the U.K., the Diebold and Wincor Nixdorf brands and operations have remained separate and distinct while awaiting CMA review.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE:DBD) is a world leader in enabling connected commerce for millions of consumers each day across the financial and retail industries. Its software-defined solutions bridge the physical and digital worlds of cash and consumer transactions conveniently, securely and efficiently. As an innovation partner for nearly all of the world's top 100 financial institutions and a majority of the top 25 global retailers, Diebold Nixdorf delivers unparalleled services and technology that are essential to evolve in an 'always on' and changing consumer landscape.
Diebold Nixdorf has a presence in more than 130 countries with approximately 25,000 employees worldwide. The organization maintains corporate offices in North Canton, Ohio, USA and Paderborn, Germany. Shares are traded on the New York and Frankfurt Stock Exchanges under the symbol 'DBD'. Visit www.DieboldNixdorf.com for more information.
1 - Based on 30% non-GAAP effective tax rate.Â With respect to the company's financial targets for 2020, the inability to predict the amount and timing of future items makes a detailed reconciliation of these projections impracticable.
Company Codes: NYSE:DBD, Frankfurt:DBD