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Outerwall announces acquisition of ecoATM

July 2, 2013

In a $350 million cash deal, Outerwall Inc., formerly Coinstar, has acquired the electronics recycling kiosk company ecoATM.

Outerwall had already been an investor in the San Diego-based ecoATM, holding a 23 percent onwnership stake that will be deducted from the actual cash paid. Upon closing the transaction, Outerwall will own 100 percent of ecoATM.

Tom Tullie, chief executive officer of ecoATM, said he is excited expand the relationship between the two companies and to take the business to the next level.

"We look forward to benefitting from Outerwall's resources and expertise to accelerate ecoATM's rollout and bring our innovative solutions to consumers nationwide once the transaction closes," he said.

"With ecoATM, Outerwall will advance its evolution into multiple automated retail businesses and increase our exposure to the growing demand for refurbished products and mobile devices across the globe," said J. Scott Di Valerio, chief executive officer of Outerwall. "As evidenced by our growing investment in ecoATM over the last four years, we are confident that ecoATM's innovative, environmentally minded business model will continue to resonate with today's technology savvy consumers."

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