GRG International acquires U.S. ATM manufacturer, Triton 

(MENAFN - ProactiveInvestors - Australia) Automatic teller machine company GRG International (ASX:GRG) is acquiring U.S. based ATM manufacturer Triton for about US25 million (A24.62 million).

The deal is expected to be completed in 60 days.

The integration will boost GRG International's annual revenue by more than A55 million and annual profit by A6.3 million.

Total assets would also rise by more than A25 million.

Triton is a manufacturer of off-premise ATMs and ATM management software and has more than 200,000 installations in over 24 countries.

GRG said it had arranged 100 per cent debt funding for the transaction, due to be completed within 60 days, through an Asian-based private equity company.

GRG also expects cost savings from the merger of Triton and GRG's north American operations from this financial year.

"The acquisition is a major expansion boost for GRG International into western markets," GRG chairman and chief executive Jeff Barrow said in a statement.

"Triton's long-term success in the design, manufacture and supply of retail ATM units will complement our existing GRG banking products and offer a wider solution to retail and financial institutions.

'It will also greatly strengthen our presence and product offering in India."

Barrow said the Triton business "has demonstrated profitability".