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NCR (NYSE: NCR) Plunges Following Split
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NCR (NYSE: NCR) Plunges Following Split

Shares of NCR Corp (NYSE: NCR) plunged in early morning trading on Friday as the enterprise technology provider announced that its Board of Directors had approved a plan to split NCR into two independent publicly traded companies. NCR primarily caters to banks, retailers, and restaurants.

While one company would be focused on digital commerce, the other would be focused on ATMs. This split is expected to be completed at the end of 2023 and is likely to be structured in a tax-free manner.

 Frank R. Martire, Executive Chairman, NCR Board of Directors commented, “By creating two best-in-class independent companies, we should be able to accelerate the pace of transformation by enabling each to execute its own growth strategies and better capture the value-creation opportunities ahead.”

The digital commerce company is intended to be a growth business that would leverage NCR’s software-led model and would continue to transform and connect retail, hospitality, and digital banking.

The ATM company will “focus on delivering ATM as a Service to a large, installed customer base across banks and retailers.”

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