Diebold, Incorporated today announced that the purchase price for the 30 percent partnership interest of International Business Machines Corp. (NYSE: IBM) in InterBold has been established at the capital account of IBM’s partnership interest, which is less than US$20 million. InterBold is the joint venture between Diebold and IBM that was formed to provide self-service products for the financial and other industries.
The transaction is expected to be consummated in the first quarter of 1998 unless IBM exercises its right to rescind the put of its interest in InterBold. Diebold will use its cash reserves to finance the purchase.
“Over the past seven years, the InterBold joint venture has been very successful in achieving its purpose of bringing world class self-service solutions to its markets,” said Gregg A. Searle, chairman of InterBold’s governing committee. “Now the time is right for Diebold to have full control over its core product line and position itself as a leading player in the global marketplace.”
Diebold is continuing its discussions with IBM and others regarding the transition of international distribution for self-service products on a country-by-country basis.
Diebold, Incorporated, headquartered in Canton, Ohio, is a global leader in providing card-based transaction systems, security and service solutions to the financial, education and healthcare industries. Founded in 1859, the company develops, manufactures, sells and services automated teller machines, campus systems, smart card systems, electronic and physical security equipment, automated medication dispensing systems, integrated systems solutions, software and supplies.Details