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Francisco Partners-Led Investor Group Closes USD 3.4bn Acquisition of Verifone Systems.


21 August 2018 - US-based payment and commerce solutions Verifone Systems, Inc. (NYSE: PAY) has been acquired by an investor group led by US-based private equity firm Francisco Partners, the company said.

This deal was announced in April.

Under a definitive agreement, an investor group led by Francisco Partners and including British Columbia Investment Management Corp. acquired Verifone for USD 23.04 per share in cash, representing a total consideration of approximately USD 3.4bn, which includes Verifone's net debt.

Under the terms of the agreement, Verifone stockholders will receive USD23.04 in cash for each share of Verifone common stock held, representing a premium of approximately 54% to the company's closing share price of USD 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. Upon completion of the transaction,

Verifone will become a privately held company.

Qatalyst Partners is acting as financial advisor to Verifone and Sullivan and Cromwell LLP is serving as Verifone's legal advisor. Credit Suisse, Barclays and Royal Bank of Canada are acting as financial advisors and Kirkland and Ellis LLP is serving as legal advisor to the Francisco investor group.

Credit Suisse, Barclays and Royal Bank of Canada have also provided committed debt financing for the transaction.

Country: USA

Sector: Telecommunications

Target: Verifone Systems

Buyer: Investor group, led by Francisco Partners, and including British Columbia Investment Management Corp.


Deal size in USD: 3.4bn

Type: LBO

Financing: Cash

Status: Closed

Buyer advisor: Credit Suisse , Barclays , Royal Bank of Canada , Kirkland and Ellis , Royal Bank of Canada


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Publication:M & A Navigator
Date:Aug 21, 2018
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