TRM Corp., a Portland, Ore. independent sales organization that deploys automated teller machines, said it would renegotiate the deal it announced in September to buy the ATM business of Travelex UK Ltd. for $78 million.
The companies have until April 1 to negotiate alternate terms and conditions, including a new price, TRM said last week.
Travelex has over 1,100 ATMs in the United Kingdom, mostly at convenience stores and gas stations such as those operated by its joint venture partner, Snax 24 Corp. Ltd.
TRM has agreed to pay $1.2 million to Travelex and Snax today; the money will be credited against the purchase price if the acquisition closes by May 2. If it does not close by that time, TRM would pay an additional $1.2 million.
