NCR Voyix completes $2.45 billion sale of digital banking unit to Veritas Capital
NCR Voyix completed the sale of its digital banking business to an affiliate of Veritas Capital on September 30, 2024, for $2.45 billion in cash plus up to $100 million in contingent payments. The company used part of the proceeds to repay $1.84 billion of debt and other obligations and terminate its trade receivables facility, and the digital banking results will be reported as discontinued operations. The filing does not report revenue, profit or guidance figures for the remaining business.
- Sale price: $2.45 billion in cash, subject to a post-closing adjustment, plus up to $100 million in contingent consideration tied to Veritas' future return on invested capital
- Debt reduction: $1.84 billion repaid, including $1,587.5 million of term loan, revolver and senior notes and $251.5 million of trade receivables facility
- CFO Brian Webb-Walsh said annualized interest expense on remaining bonds is expected to be approximately $55 million
- Digital banking results will be reflected as discontinued operations beginning with the quarter ending September 30, 2024