Green-based ATM maker and financial software services company Diebold Nixdorf has started a “merger squeeze-out” process to buy all the remaining shares in its German subsidiary, Diebold Nixdorf AG.

The process involves buying out the remaining minority shareholders of the subsidiary using money the company has set aside. The buyout is expected to save the company about $20 million annually in cash payouts.

Diebold Nixdorf announced the merger squeeze-out Wednesday; the process will fully merge Diebold Nixdorf AG into Diebold Nixdorf Holding Germany Inc. & Co. KGaA, a wholly owned direct subsidiary.

The subsidiary currently holds about 28 million shares in Diebold Nixdorf AG, or about 94 percent of all outstanding stock in the company.

As a result, Diebold Nixdorf AG will be eliminated as a separate corporate entity and delisted from the Frankfurt Stock Exchange, the company said in a news release.

"As previously announced, we are taking decisive steps to reduce cost and complexity in our business," Gerrard Schmid, Diebold Nixdorf president and chief executive officer, said in a news release. "This step represents an important and final milestone in the acquisition of Wincor Nixdorf and further simplifies the structure of our company, eliminating annual cash expenditures which previously totaled more than $20 million per year.”

Diebold Inc. purchased German ATM-maker Wincor Nixdorf in 2015 for about $1.8 billion, including debt, and changed its corporate name to Diebold Nixdorf.

Schmid said at least $13 million of cash expenditure reductions have been realized this year based on minority shares tendered to date in 2018.