Private Equity Pays Big Premium for Verifone
Verifone agreed to be acquired by an investment group including private equity firm Francisco Partners and British Columbia Investment Management Corporation for $23.04, a 54% premium to the company's last closing price, which approximated our $15 fair value estimate. We currently see no reason why the deal should not close, and we are immediately raising our fair value estimate to $23 per share. A representative of Francisco Partners commented that, "Verifone’s transformation from a hardware pr...VeriFone Systems is a holding company. Through its subsidiaries, the company provides payments and commerce solutions at the point of sale (POS). The company is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. The company's system solutions consist of POS electronic payment devices that run its operating systems, security and encryption software, and certified payment software, and that are designed to suit its clients' needs in a range of environments, including multilane and countertop implementations, self-service and unattended environments, in-vehicle and portable deployments, mobile point-of-sale solutions, as well as iPOS solutions.
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