NCR gains on report Veritas Capital secured financing for takeover

Aug. 25, 2022 2:06 PM ETNCR Corporation (NCR)By: Joshua Fineman, SA News Editor4 Comments

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NCR Corp. (NYSE:NCR) rose 5.6% on a report that private equity firm Veritas Capital is said to have secured financing for a takeover of the company.

Several large banks are said to have committed financing for an acquisition, according to a StreetInsider report. While financing appears to be mainly locked down, a deal is still not certain and the parties could decide to walk away.

The latest update in the NCR saga comes after WSJ last month said Veritas was in exclusive talks to purchase the company. At the time, the paper said a transaction may still be weeks away, and it's not guaranteed at all. NCR has a market cap of almost $4 billion.

The WSJ report followed after Dealreporter said in late June that NCR, which is in the process of exploring alternative, may be acquired by Veritas.

NCR, a technology provider for retail stores, restaurants and banks, initiated a strategic review in February and now the board has narrowed down the potential paths the company may take, Michael Nelson, treasurer and investor relations at NCR, said at an RBC investor conference in June.

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