NCR Corporation today announced that it has closed the previously announced transaction with Blackstone, one of the world's leading

investment firms, pursuant to which affiliates of Blackstone invested $820 million in NCR in the form of perpetual convertible preferred shares. In connection with the closing of the transaction, the NCR board of directors expanded from 9 to 11 directors and NCR elected two new members to the board, Chinh Chu and Greg Blank.

NCR intends to use the net proceeds from the Blackstone investment, together with cash on hand and borrowings under NCR’s revolving facilities, to fund the repurchase of up to $1.0 billion of shares of NCR common stock pursuant to NCR’s previously announced tender offer. As a result of the closing of the Blackstone investment, NCR has deemed the Strategic Investment Condition (as defined in the tender offer documentation) satisfied. The tender offer, which remains subject to certain other conditions, is scheduled to expire at 12:00 midnight, New York City time, on December 11, 2015, unless extended.

Additional information regarding the closing of the investment will be included in a Current Report on Form 8-K to be filed today by NCR with the Securities and Exchange Commission.

J.P. Morgan, Atlas Strategic Advisors and BofA Merrill Lynch acted as placement agents to NCR, and Cravath, Swaine & Moore LLP served as NCR’s legal advisor, in connection with the transaction.

Citi, Goldman, Sachs & Co. and RBC Capital Markets acted as financial advisors to Blackstone and Kirkland & Ellis LLP is Blackstone’s legal advisor in the transaction.