Outerwall (Formerly Coinstar) Buys ecoATM For $350M In Cash To Expand Into Device Recycling Kiosks
Some changes underway in the automated retail space: Outerwall, operators of the Coinstar coin-counting kiosks and the Redbox disc and game distribution network, is acquiring ecoATM for $350 million in cash. EcoATM operates its own kiosk network focused on accepting used mobile phones, tablets and MP3 players for cash and has positioned itself, coincidentally, as the “Coinstar for used devices.”
Outerwall, which officially changed its name from Coinstar Inc. today complete with a new stock ticker (OUTR) and ringing today’s opening bell, was already an investor in ecoATM, which hadraised $31.4 million in VC financing, plus another $40 million in debt. Because of the 23% stake that Outerwall already owns, that will be deducted from that $350 million pricetag, the company noted today.