NCR Corporation has entered into an agreement for Blackstone to invest $820 million in NCR in the form of perpetual convertible preferred shares. The Blackstone investment will be used by NCR to fund a repurchase of up to $1 billion of its common stock.
In connection with the investment, NCR will expand its Board of Directors from 9 to 11 directors and appoint Chinh Chu, Senior Managing Director, and Greg Blank, Managing Director, of Blackstone to the NCR Board upon the closing of the transaction in early December.
NCR is a computer hardware, software and electronics company. NCR’s main products are self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners. NCR was founded in 1884 by John Patterson as the National Cash Register Company, the maker of the first mechanical cash registers. The company was acquired by AT&T in 1991 and was spun off as a publicly traded company in 1997. NCR is headquartered near Atlanta in Duluth, GA (www.ncr.com).
“NCR has made tremendous progress removing legacy barriers to growth and executing a corporate transformation focused on extending its product capabilities into new areas of software and services. NCR is well positioned to continue to win market share and deliver exceptional value to its customers,” said Chinh Chu, Senior Managing Director, Private Equity, at Blackstone.
Blackstone is one of the world’s largest investment and advisory firms. The firm’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Blackstone is headquartered in New York (www.blackstone.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 11-13-15
