Blackstone Group LP (NYSE: BX) agreed to invest $820 million in NCR Corp. (NYSE: NCR), taking a minority position in the automated teller machine-maker that it tried to buy earlier this year.

Blackstone will receive convertible preferred stock that, after a share buyback by NCR, will represent a stake of about 17 percent in the Duluth, Georgia-based company, according to a statement Thursday from the companies. Blackstone’s Chinh Chu and Greg Blank will join NCR’s board.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.