Blackstone Group has agreed to acquire a 17-percent ownership stake in consumer transaction technology maker NCR (NYSE: NCR) for approximately $820 million.
NCR said Thursday it aims to transform into an integrated software development and services company and will use the investment to partly fund a planned stock repurchase program.
“The NCR board has determined that executing our strategic plan with Blackstone’s assistance is the best way to accelerate NCR’s transformation and build long-term shareholder value, ” Bill Nuti, NCR chairman and CEO, said Thursday.
Both companies expect the transaction to close early next month and Blackstone senior managing director Chinh Chu and managing director Greg Blank will join the NCR board of directors once the deal completes.
Duluth, Georgia-based NCR seeks to buy back up to $1 billion in common shares from Nov. 13 through a Dutch auction move.
NCR builds self-service kiosks and automated teller machines, as well as offers information technology products and services to the U.S. government sector.