Under the terms of the agreement, Verifone stockholders will receive USD 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 USD 15.00 on April 9, 2018.
The transaction, undertaken in partnership with British Columbia Investment Management Company, includes Verfones net debt.
Verifone is riding the wave of VC interest in payments processors as it seeks to make the transition from a pure-play terminal provider to a commerce partner to its merchant customer base. The company currently has 30 million POS payment devices installed in more than 150 companies.
The Verifone board have accepted the offer but have been given a one-month extension to encourage third party suitors to stake a claim.
The Verifone deal will likely lead to mounting speculation over the fate of Ingenico, another terminal manufacturer operating in an increasingly saturated market.
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