ACCC approves Linfox Armaguard and Prosegur Australia merger
Linfox Armaguard is committed to the strategic goal of securing a smarter future for our team members, customers and communities.
After considered deliberation, the Australian Competition and Consumer Commission (ACCC) has authorised the submitted application to merge Linfox Armaguard with Prosegur Australia.
This landmark decision is an exceptional outcome that ensures ongoing secure and stable currency management for the Australian economy and communities.
The merged entity will be made up of Armaguard and Prosegur in Australia and includes cash in transit (CIT), technical services and ATM networks. The merger does not include entities and services outside Australia.
Linfox Armaguard CEO, Mick Cronin said “We are delighted that the ACCC recognises the important role Armaguard and Prosegur Australia play in the ongoing circulation of cash in our economy.
The merger represents a significant and positive development in the management of cash in transit and wholesale cash distribution in Australia, and will secure the immediate future of reliable access to cash for the Australian economy.
“Cash remains a critical component of Australian society. We anticipate a ‘less cash’ future, not a ‘cashless’ future, and our intention is to support the needs of our customers and the community by building a sustainable network.”
A transition project is now underway, and the first day of the merged entity is anticipated to be 1 September 2023.