Outerwall Inc. has bought electronic waste recycling kiosk company EcoATM for $350 million.

San Diego-based EcoATM provides automated self-serve kiosk systems to buy used mobile phones, tablets and MP3 players for cash. The eCycling kiosks use electronic diagnostics and artificial intelligence to evaluate electronics, the companies said in a news release.

The Bellevue, Wash.-based Outerwall, formerly Coinstar Inc. and maker of the Redbox movie and video rental kiosks and Coinstar coin-counting kiosks, previously owned 23 percent of EcoATM and now will own 100 percent. Outerwall said the definitive agreement includes paying off EcoATM debt.

"With ecoATM, Outerwall will advance its evolution into multiple automated retail businesses and increase our exposure to the growing demand for refurbished products and mobile devices across the globe," said J. Scott Di Valerio, Outerwall CEO.

The company expects the transaction to close in the third quarter.