Acquisitions & Divestitures

6 Months Ended

Jun. 30, 2020

Divestitures [Abstract]

Acquisitions and divestitures

Acquisitions and Divestitures

Divestitures

In 2020, the Company divested several non-core, non-accretive businesses in Eurasia, which resulted in a loss of $14.8 and $13.0 for the three and six months ended June 30, 2020, respectively. The loss of $14.8 for the three months ended June 30, 2020 included losses on two transactions, and the loss of $13.0 for the six months ended June 30, 2020 included the losses on those two transactions in the second quarter, as well as the gain on a transaction completed in the first quarter, all further discussed below.

In the first quarter of 2020, the Company divested Portavis GmbH, a non-core, Eurasia Banking consulting business, which resulted in a gain of $1.8 and cash consideration received of $10.1, excluding cash divested.

In the second quarter of 2020, the Company divested a portion of its operations in China, which resulted in a loss of $8.6 and consideration received of $26.8 along with increased ownership in Inspur, from 40.0 percent to 48.1 percent. Additionally, the Company sold Cryptera A/S, a Danish subsidiary, which resulted in a loss of $5.9 during the three months ended June 30, 2020.

In 2019, the Company exited and divested certain non-core, non-accretive business which resulted in a loss of $11.7 and $15.1 for the three and six months ended June 30, 2019, respectively. In the first quarter of 2019, the Company divested its interest in Projective NV, a program and project management services business for financial institutions included in Eurasia Banking operating segment, for $4.2 in proceeds, net of cash transferred resulting in a loss $2.8. During the first quarter of 2019, the Company also recorded a loss of $4.1 on the divestiture of its Venezuela business included in the Americas Banking operating segment and a gain of $3.5 related to the Company’s exit activities of certain entities in the Netherlands, included in the Retail operating segment. During the second quarter of 2019, the Company identified an immaterial error in the first quarter of 2019 for the loss (gain) on sale of assets, net related to this divestiture. Management determined this error was not material to the prior period and recorded the correction in the three months ended June 30, 2019 resulting in a $9.5 charge in the loss (gain) on the sale of assets, net.

In the second quarter of 2019, the Company divested its remaining SecurCash B.V. entity included in the Eurasia Banking operating segment resulting in a loss of $1.1.

Acquisitions

During the first six months of 2019, the Company acquired the remaining shares of Diebold Nixdorf AG for $97.5, inclusive of the redemption of shares and the proportionate recurring compensation pursuant to the DPLTA.