Diebold Nixdorf Inc. is selling off its legacy business in the United Kingdom.
The Green maker of ATMs on Thursday said that the sale is needed following a decision by the U.K. Competition and Markets Authority, or CMA, regarding Diebold’s purchase in August 2016 of German ATM maker Wincor Nixdorf.
“The CMA has concluded that a structural remedy is required. Diebold Nixdorf is now actively pursuing a divestiture of its legacy Diebold business in the U.K. with a potential purchaser,” Diebold Nixdorf said in a statement. “The company believes it can satisfy the CMA’s requirements and conclude this transaction as soon as practicable.”
The company did not disclose any financial information related to the sale.
Diebold and Wincor Nixdorf brands and operations remained unjoined while awaiting CMA review, the company said.
The company also reaffirmed its 2020 financial targets that include net cost improvement of $200 million and adjusted earnings per share of approximately $3.50.