NCR Corporation Announces Details of Upcoming Separation
NCR Corporation (NYSE: NCR) has disclosed further details concerning its previously announced separation of its ATM-focused businesses, including Self-Service Banking, Payments & Network, and Telecommunications and Technology sectors. The separation will involve the distribution of all common stock of NCR Atleos Corporation (formerly NCR Atleos, LLC) held by NCR Corporation to its common stockholders.
Key Dates and Details
Record Date: October 2, 2023
Distribution Date: October 16, 2023, 5:00 p.m. local New York City time
Trading Details: NCR Atleos is set to commence "regular-way" trading on the NYSE under the ticker "NATL" on October 17, 2023. Post-separation, NCR Corporation's ticker symbol will transition to "VYX."
The Board of Directors has approved a pro rata distribution, where each holder of NCR Corporation common stock will receive one Atleos common stock share for every two shares of NCR Corporation common stock held as of the close of business on the record date. This distribution is anticipated to be tax-free for U.S. federal income tax purposes, contingent upon certain conditions outlined in the Form 10 and the related Information Statement from August 14, 2023.
Following the distribution, Atleos will operate as an independent, publicly-traded entity on the NYSE. NCR Corporation will undergo a renaming to NCR Voyix Corporation ("Voyix") and will retain no ownership stake in Atleos.
Michael D. Hayford, CEO of NCR Corporation, remarked, "Today's announcement marks a major milestone in the completion of the separation of Atleos from NCR." He emphasized the company's longstanding history of innovation and expressed confidence in both Voyix and Atleos' future prospects.
Tim Oliver, Atleos' CEO-designate, and David Wilkinson, Voyix’s CEO-designate, also shared their enthusiasm for the upcoming changes, highlighting the dedication of their respective teams and the promising future for both entities.
No physical share certificates of Atleos will be issued; the distribution will be in book entry form.
The distribution is subject to certain conditions, including the availability of debt financing on acceptable terms.
The distribution is intended to be tax-free for U.S. federal income tax purposes. Stockholders are advised to consult their tax advisors regarding the tax implications.
About NCR Corporation
NCR Corporation, headquartered in Atlanta, Georgia, is a pioneering force in the development of technology platforms for self-directed banking, stores, and restaurants. With a global workforce of 35,000, NCR Corporation has established its trademark in the United States and several other countrie
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