12
NEWS
Verifone to be acquired by Francisco Partners, BCI in $3.4bn deal
V
erifone Systems and Francisco Partners have announced that they have entered into a definitive agreement under which an investor group led by Francisco Partners and including British Columbia Investment Management Corporation (BCI) will acquire Verifone for $23.04 per share in cash, representing a total consideration of approximately $3.4 billion, which includes Verifone’s net debt.
Under the terms of the agreement, Verifone stockholders will receive $23.04 in cash for each share of Verifone common stock held, representing a premium of approximately 54% to the company’s closing share price of $15 on 9 April 2018. The Verifone Board of Directors has unanimously approved the definitive agreement and recommends that Verifone stockholders vote in favour of the transaction. Upon completion of the transaction, Verifone will become a privately held company.
Paul Galant, CEO 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.
“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. With Francisco Partners’ resources, expertise and track-record growing global technology businesses, we are confident that we will be better positioned to serve the needs of our clients around the globe.”
Peter Christodoulo, partner at Francisco Partners, said: “Verifone continues to build compelling and impressive products and technology and has attractive long-term growth prospects. We are excited to become investors and stewards of this important platform in the global payments and commerce ecosystem.”
Jason Brein, partner at Francisco Partners, added: “Verifone’s transformation from a hardware provider to a best-in-class payments
This transaction reflects the progress we have made executing our transformation from a terminal sales company to a payments and commerce solutions provider
“
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Done deal: Verifone will become a privately held company once the acquisition by Francisco Partners goes through
and commerce solutions provider is just beginning. We look forward to supporting the company as it continues its evolution.”
Dipanjan “DJ” Deb, co-founder and CEO of Francisco Partners, said: “This investment builds on the strength of our financial technology, systems and software franchises. Verifone will receive the highest focus of Francisco Partners as we support its continued growth and transformation in an increasingly software-centric world.”
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, including receipt of stockholder and regulatory approvals. The merger agreement includes a “go-shop” period, which permits Verifone’s Board and advisors to actively initiate, solicit, encourage and potentially enter into negotiations with parties that make alternative acquisition proposals through 24 May 2018.
There can be no assurance that this process will result in a superior proposal, and Verifone does not intend to disclose developments with respect to the solicitation process unless and until the Board makes a determination requiring further disclosure.
adamr / pixabay
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