April 12, 2018
Verifone this week announced that an investor group has made a $3.4 billion offer to take the payments technology company private. Shareholders of Verifone, which has a significant presence in the card-present world but a growing e-commerce and omnichannel business, will get $2.6 billion of the total in cash, with the rest going to assume the company’s $800 million in debt. The acquiring group was led by private equity firm Francisco Partners and includes British Columbia Investment Management Corporation.
“We are pleased to reach this agreement with Francisco Partners. This transaction delivers significant cash value to our stockholders and provides compelling benefits for our clients,” Verifone CEO Paul Galant said in a statement. “We believe this transaction reflects the progress we have made executing our transformation from a terminal sales company to a payments and commerce solutions provider.”
The agreement includes a “go-shop” period during which Verifone can solicit and accept better offers, after which the companies expect the deal to close in the third quarter of this year.