ATM operator Ezeatm has signed a share and asset sale agreement with DirectCash Payments for the sale of its ATM business. The deal, which is subject to Ezeatm shareholder approval, values the business at A$14.1 million.DirectCash Payments, a Canadian based bank, will acquire 1325 ATM sites and related contracts in Australia and New Zealand. The acquisition will take DC Payments' Australasian ATM fleet to more than 7500, equal to almost a quarter of the national ATM fleet.DC Payments operates ATM businesses in Canada, Australia, the United Kingdom, Mexico and New Zealand. It is listed on the Toronto Stock Exchange.The company entered the Australian market through a takeover of Customers Ltd three years ago.The ATM business in Australia has been hit by a steady decline in the use of ATMs.Ezeatm lost $3.7 million in the 2012/13 financial year and $1.7 million in the year to June.The cash from the ATM fleet sale is equal to almost three times its net assets. However, the $14.1 million sale price compares with $16 million Ezeatm paid iCash payments for its ATM fleet in 2012.Another independent ATM operator, My ATM, lost $1.2 million in 2012/13 and $745,130 in the year to June.DC Payments is also a loss-maker, reporting a net loss of C$18.2 million for the 12 months to December 2013. After adjusting for foreign currency losses, the business made a small profit. Its EBITDA was C$67.7 million. DC Payments' Australasian business is smaller than the North American business, in terms of ATMs in service, but it is the biggest contributor to gross profit.However, DC Payments' Australian business has had lower transaction volumes and lower gross profit each quarter for some time.The takeover will result in some cost savings, with support services likely to be consolidated in Melbourne.Ezeatm said in a statement to the Australian Securities Exchange that it would have more than $10 million of cash after the completion of the deal and would be looking for "high growth opportunities."