British antitrust authorities said Brink's Co.'s offer to sell off some parts of its business should address concerns over the ATM operator's planned $4 billion acquisition of rival NCR Atleos, paving the way for the regulator to clear the deal.

The U.K.'s Competition and Markets Authority said Thursday that Richmond, Virginia-based Brink's had proposed remedies in response to the regulator's concern that the tie-up would create a combined ATM operator with more than 50% of the market and limited competition from other suppliers.

Those concerns could be addressed by Brink's proposed remedies, it said.

Brink's said last week it had decided to sell its NoteMachine and TestLink U.K. businesses in a bid to assuage the CMA's concerns. NoteMachine is an ATM and cash-management company, while TestLink supplies ATM spare parts.

The sale process is continuing, Brink's said Thursday. The company still expects the deal to be completed in the first months of next year.

"Brink's remains engaged with a number of prospective buyers," it said.

"We are pleased with the CMA's acceptance in principle of the proposed remedy, as this represents a significant step forward," Chief Executive Officer Mark Eubanks said. The disposals were already contemplated and don't affect the $200 million in annual cost synergies that company hopes to see within three years of its planned takeover of NCR Atleos, Eubanks said.

The CMA said that without the divestitures, the takeover could mean fewer options for businesses that provide ATMs on commercial premises and higher fees for people who rely on the machines to access cash.

"Cash machines remain an important way for many people and businesses to access money and wider banking services, so it is vital that competition is protected," senior mergers director Elie Yoo said.

The regulator said it will look at Brink's plans in more detail, including seeking third-party feedback and considering potential buyers. If it is satisfied that the undertakings address its concerns, it will conditionally clear the deal.

Brink's said earlier this year it was aiming to acquire a majority stake in Atlanta-based peer NCR Atleos in a $4 billion cash-and-stock deal, a move that would consolidate two major players in the cash and ATM business.