SYDNEY, June 13, 2023 /PRNewswire/ -- Prosegur Australia Holdings Limited, a leader in cash transportation and management, and Linfox Armaguard Pty Limited, a leading cash-in-transit (CIT) company in Australia, have received conditional authorisation of their proposed merger from the Australian Competition and Consumer Commission (ACCC). The ACCC's authorisation decision is subject to conditions agreed in a court enforceable undertaking. This authorisation marks a significant milestone in a merger that will allow for the strengthening the sustainability of cash supply in Australia.
The proposed merger between Prosegur Australia and Armaguard will allow both companies to combine their capabilities and expertise in cash management and transportation, to become a financially sustainable in Australia. Under the Armaguard brand, the newly merged entity will provide comprehensive cash transportation services, technical services, and ATM networks nationwide.
The merger will represent a significant evolution in cash in transit and wholesale cash distribution in Australia, securing reliable access to cash for the Australian community. Despite the decline in cash usage in recent years, Prosegur and Armaguard recognise the importance of cash as a payment method and are committed to ensuring its sustainable availability.
This merger will create operational synergies, foster innovation, and enable the development of advanced solutions in Australia's cash transportation and management industry. The newly merged entity will prioritize addressing the concerns of its employees and collaborators while fully complying with labour regulations.
The proposed merger will enable Prosegur to reaffirm its commitment to the Australian market and its long-term vision of delivering quality cash transportation and management services in the country.
