Verifone To Be Acquired By Francisco Partners For $3.4 Bln

(RTTNews) - Verifone Systems Inc. (PAY) Monday said it has agreed to be acquired by investor group led by Francisco Partners and including British Columbia Investment Management Corporation for a total consideration of about $3.4 billion, including debt.

Verifone stockholders will receive $23.04 in cash for each share of Verifone, representing a premium of about 54% to its closing share price of $15.00 on April 9, 2018.

The Verifone Board of Directors has unanimously approved the definitive agreement and recommends that Verifone stockholders vote in favor of the transaction. Verifone will become a privately held company after the deal.

The deal is expected to close during the third calendar quarter of 2018.

Paul Galant, Chief Executive Officer of Verifone, said, "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 continues to build compelling and impressive products and technology and has attractive long-term growth prospects," said Peter Christodoulo, Partner at Francisco Partners. "We are excited to become investors and stewards of this important platform in the global payments and commerce ecosystem."

PAY closed Monday's trading at $15.00, down $0.17 or 1.12%, on the NYSE. The stock, however, gained $7.61 or 50.73% in the after-hours trading.