Shares of Brink’s Company (BCO) closed regular trading session on Thursday at $79.25 after gaining $11.05, or 16.20%. The climb came after the security company said it has agreed to buy Dunbar Armored, Inc. for about $520 million in cash.

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Brink’s hopes the merger is going help it achieve substantial operational and cost synergies driven by administrative efficiencies, branch optimization, and proved route density.

As a result, the company issued an upbeat outlook and now looks forward to reporting adjusted earnings ranging between $625 million and $685 million in 2019. Before acquiring its rival, Brink’s had set a guidance of $625 million.

Brink’s plans to fund the acquisition using available cash before the end of 2018. However, the deal is still subject to regulatory approval and customary closing conditions.

Brink’s CEO Comments

“Dunbar and its employees have built an excellent reputation and a loyal customer base over the last 95 years under generations of family leadership.The combination of our two companies, each with an impressive heritage, forms a solid foundation for future success.We plan to integrate Dunbar’s strong management, experienced personnel and efficient use of assets to accelerate operational excellence and continued margin growth in our U.S. operations,” said, Doug Pertz, Brink’s president and chief executive officer.

“This transaction is the most significant demonstration to date of our strategy to accelerate profitable growth by making core acquisitions in our existing geographic markets.Upon closing the Dunbar acquisition and the previously announced acquisition of Rodoban in Brazil, the ‘excess’ cash on our balance sheet will be fully deployed to generate strong returns, and we’ll still have most of our $1 billion revolver available for additional investments.In addition, we will have invested more than 85 percent of the $800 million we targeted for accretive core acquisitions during 2018 and 2019,” the CEO added.