US firm to take on cash machine security in Estonia
The international affiliated group G4S, which had until now a monopoly on the Estonian cash service market, is selling its cash handling business to United States security firm Brink's, which will soon process all Estonian ATM cash, daily Postimees writes.
The $790-million deal is expected to be completed by the end of this year, and will require multiple licenses and approval from local supervisors in different countries, the newspaper noted.
In addition to Estonia, Brink's is taking over the business of cash transportation and processing in Latvia, Lithuania, the Czech Republic, the Netherlands, Belgium, Romania, Ireland and Cyprus, but also outside Europe: Malaysia, Indonesia, Philippines, Kuwait and the Dominican Republic.
As of the end of last year, G4S had a 100 percent market share in cash services, head of communications of the security firm in Estonia Reimo Raja confirmed. The company fills and unloads all ATMs all over Estonia, as well as servicing bank offices, hotels, logistics companies, shops, meaning all companies that need cash handling services, he added.
Download the ERR News app for Android and iOS now and never miss an update!
Editor: Roberta Vaino