Stargroup buys Cash Plus ATM network
Stargroup continues its consolidation of the small end of the ATM market, with the acquisition of Cash Plus Australia's network.In July Stargroup merged with iCash Payment Systems, creating a combined fleet of about 120 ATMs.After the latest deal Stargroup will have a fleet of 230 machines processing about 1.8 million transactions a year.A Stargroup subsidiary, Stargroup Investments Ltd, will pay A$6.5 million for 109 ATMs, with 50 per cent of the consideration in cash and the balance in Stargroup shares.The company said it expected that the deal would add $1.3 million of EBITDA and make it cashflow positive in the current financial year. The transaction is expected to be completed in November.The Cash Plus network has been in operation for eight years.Stargroup chief executive and executive chairman Todd Zani said in a statement that the company's aim was to become the largest ASX-listed ATM and payment services provider in Australia.