The split of automated teller and financial technology company NCR is expected next month, and both new entities will continue to operate out of Atlanta.
NCR, one of Atlanta’s largest public businesses and long-rumored as a potential acquisition target, has said dividing the businesses will spur further value for shareholders. The company said Friday it expects shares its ATM hardware spinoff NCR Atleos will begin trading on the New York Stock Exchange Oct. 17 under the ticker NATL. The separation will allow the remaining digital commerce half to rebrand as NCR Voyix and Voyix shares will trade under the ticker VYX.
While NCR Atleos plans to register as a Maryland corporation, a company spokesperson told The Atlanta Journal-Constitution that both it and Voyix will base their operations in Atlanta.
Founded in Dayton, Ohio, in 1884 as National Cash Register Co., NCR moved to Georgia in 2009 amid the Great Recession. In 2018, NCR opened a shiny 765,000-square-foot campus at Georgia Tech’s Technology Square, which remains under a long-term lease. NCR recently put one of the two office towers in the campus up for sublease.
Previous federal filings did not disclose the future headquarters of Atleos, but it is possible the ATM business opts to assume part or all of that sublease space. The spokesperson declined to provide more detail on both companies’ office plans.
The separation will begin Oct. 2 with a distribution of Atleos stock to current NCR stockholders, which is expected to finish two weeks later. Current stockholders will receive one share of Atleos for every two shares of NCR.
“This is an important and exciting moment for our team as we take a critical step closer to launching Atleos as a standalone public company,” Tim Oliver, Atleos’ CEO-designate, said in a news release.
NCR CEO Michael D. Hayford said the stock distribution “marks a major milestone” for the company, although his post-split role has not been disclosed.
The impending split will likely result in both new companies falling off the Fortune 500 list of the largest American companies by revenue, which would leave metro Atlanta with 16 entries on the list.
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