US ATM manufacturer Diebold has agreed a $1.8 billion takeover of Wincor Nixdorf, creating a company with an installed base of one million cash machines worldwide and combined revenues of $5.2 billion.

Under the terms of the agreement, Diebold will offer Wincor Nixdorf shareholders €38.98 in cash plus 0.434 Diebold common shares per Wincor Nixdorf share, representing a premium of approximately 35% over the German firm’s closing share price in mid-October when the deal was first mooted. The combined company will operate under the moniker Diebold Nixdorf.