Francisco Partners to buy Verifone for $3.4bn
US payments firm Verifone is to be bought by an investor group led by private equity firm Francisco Partners for $3.4 billion.
The group, which includes British Columbia Investment Management Corporation (BCI), will acquire Verifone for $23.04 per share in cash, and the deal includes its net debt.
The Verifone board of directors has “unanimously approved” the definitive agreement and recommends that its stockholders vote in favour of the transaction. Upon completion of the transaction, Verifone will become a privately held company.
Jason Brein, partner at Francisco Partners, says Verifone’s “transformation from a hardware provider to a best-in-class payments and commerce solutions provider is just beginning”. Verifone was founded in 1981.
According to the companies, the transaction is not subject to a financing condition and is expected to close during the third calendar quarter of 2018, subject to customary closing conditions.
Francisco Partners was launched over 18 years ago, and has raised over $14 billion in committed capital and invested in more than 200 technology companies.