Cardtronics has entered into an agreement to buy Welch ATM in a $160m transaction, as part of its strategy to emerge as one of the largest retail ATM service providers in the US.

Post-acquisition, the integrated entity will support a global portfolio of 109,600 ATMs, including 92,500 conveniently located retail ATMs across the US.

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Cardtronics and Welch ATM believe that the united business will be positioned to accelerate revenue growth, achieve cost synergies, create additional value for its retailer and financial institution customers, and drive shareholder value.

Cardtronics CEO Steve Rathgaber said: "As a combined company, we can offer an expanded product set for customers and consumers, plus improved operational efficiencies."

"For our shareholders, by combining Cardtronics and Welch ATM, we will broaden our client mix and further our customer diversification. In doing so, we expect to drive higher earnings per share within the next 12 months."

Welch ATM CEO Jeff Hewitt said: "The combination of Cardtronics and Welch ATM will create a larger, more diverse customer base, as well as offer a comprehensive range of ATM services across every market segment in the United States."

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"And that means compelling new opportunities to expand our product sets, including ATM branding and retailer traffic-driving solutions, to deliver more value to our customers."

Subject to regulatory approvals established by the Hart-Scott-Rodino Act, the transaction will complete in the third quarter after satisfaction of customary closing conditions.

Welch ATM was founded in 2005 and operates as a US retail ATM and financial technology services provider, with more than 26,000 ATMs under its management.