Emirates Group company Transguard Group has acquired the assets, customers and a majority of the employees of the Abu Dhabi-based G4S Cash Services LLC – UAE, it announced.
The financial terms of the deal were not disclosed.
“Since its beginning, Transguard has been a major part of Dubai’s economy and its service offerings have helped the UAE grow,” said His Highness Sheikh Ahmed Bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group.
Sheikh Ahmed added that the announcement “is a reflection of Transguard’s hard work and dedication to continually improving the performance of the country’s cash sector.”
Under the terms of the agreement, Transguard acquired 540 employees, 74 cash vans, the Abu Dhabi Cash Centre and all other assets of G4S Cash.
“The acquisition of G4S Cash will allow Transguard to further to further drive value for the banking and financial sectors of the UAE by making cash management smart and more cost effective,” said CEO Dr. Abdulla Al Hashmi.
Additionally, the deal will see Transguard take ownership of all business activities of G4S Cash Services, including ATM replenishment, ATM First Line, Cash in Transit, teller services, car park metre services, cash distribution and processing, coin processing and ATM residual processing and packing.
“The sale of the UAE cash business is part of the Group’s portfolio management programme announced in 2013,” said G4S regional CEO, Europe and Middle East, Graham Levinsohn. “We have worked closely with Transguard to ensure a smooth transition with no interruption in services to customers.”
Levinsohn added that the acquisition “will not affect the other services we provide in the UAE.”
Greg Ward, the managing director of Transguard, said that the company’s key focus is “on transitioning the new customers into our operations in a seamless manner and providing opportunities to new customers to integrate their current cash services requirements with other Transguard services.”
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