Blackstone to invest over $800 mn in NCR
12 Nov 2015
Blackstone Group LP is close to striking a deal to pump over $800 million into NCR Corp after the ATM maker's effort to sell itself did not yield results, marketwatch.com reported, citing sources.
NCR also planned to announce a $1-billion share buyback, it said.
They added, the New York buyout firm would end up with an ownership stake in NCR in excess of 15 per cent.
Blackstone is expected to receive dividend-paying convertible preference shares, were convertible to regular stock at $30, and two board seats in exchange for the investment.
Meanwhile, according to Reuters, Blackstone held talks to acquire NCR outright earlier this year, though the two could not agree to a deal.
The Wall Street Journal was the first to report on the minority stake investment on Wednesday.