Abu Dhabi – Mubasher: The UAE-based Transguard Group announced that it has acquired the assets, customers and a majority of the employees of the Abu Dhabi-based G4S Cash Services.
Under the agreement, Transguard, which is a subsidiary of Emirates Group, acquired 540 employees, 74 cash vans, the Abu Dhabi Cash Centre and all other assets of G4S Cash, according to the company said in a statement.
“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,” Abdulla Al Hashmi, CEO of Transguard, commented on the bid.
Moreover, Transguard will own 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,” Graham Levinsohn, G4S regional CEO at Europe and Middle East, said.
The company did not give further details concerning the transaction’s total cost.
