US ATM manufacturer Diebold is in talks to acquire German rival Wincor Nixdorf in a deal worth about $1.9bn.
On 24 September, the companies signed a nonbinding agreement for a cash-and-share deal valuing Wincor at 52.50 per share.
The deal is now subject to "material conditions" and depends on both sides completing due diligence, Wincor said in a release.
The acquisition is expected to boost Diebold’s European presence, which till now has focused on North America.
Set up by Heinz Nixdorf in 1952, Wincor was acquired by Siemens in 1990, before being purchased by buyout groups KKR and Goldman Sachs Capital Partners in 1999. It held an IPO in 2004 and the private equity groups have since sold their holdings.
The firm currently operates across 130 countries with a workforce of around 9,000.