In September 2017, the UK Competition and Markets Authority (CMA) unconditionally approved, after a Phase II investigation, the merger between Cardtronics and DC Payments, both active in the provision of ATMs and related services in the United Kingdom. Compass Lexecon assisted Cardtronics during the merger filings. In particular, we analysed the incentives for the merged entity to raise prices following the merger, concluding these were very limited. The Compass Lexecon team led by Neil Dryden included Abbas Mohsin and Ferenc Peto. Enrique Andreu also led quantitative analyses, assisted by Scott Holbrook and Daniel Westrik. They worked with Ross McKenzie, David Wirth, Donald Mackintosh and Laura Carter from Ashurst LLP.