Outerwall Closes ecoATM Deal
Outerwall , formerly known as Coinstar, finalized its acquisition of ecoATM, Outerwall announced today. The companies had entered into a definitive agreement to merge on July 1.
Outerwall had a 23% interest in ecoATM previous to the merger agreement and ended up paying $262.9 million in cash for the rest of the company at the time of closing. $100 million of that cash payment came from Outerwall's revolving line of credit.
Outerwall is known for its Redbox DVD and video game rental kiosks, and its Coinstar coin-counting kiosks.
ecoATM provides automated self-serve kiosks that pay cash for used mobile devices, such as phones, tablets, and MP3 players. Some of ecoATM's senior management have agreed to stay with the company after the merger.
Outerwall formally changed its name from Coinstar on July 2.
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