Verifone Systems (PAY) shares jumped more than 52% in extended trading on Monday after the provider of payment and commerce solutions said it has agreed to be acquired by Francisco Partners, a technology-focused private equity firm, in $3.4 billion deal.
An investor group led by Francisco Partners and including British Columbia Investment Management will acquire Verifone for $23.04 per share in cash, or $3.4 billion, including Verifone’s net debt.
Verifone stockholders will get $23.04 in cash for each share of Verifone shares, representing a premium of 54% to the company’s closing share price of $15 on Monday.
Upon completion of the deal, Verifone will become a privately held company.
The transaction is not subject to a financing condition and is expected to close in Q3.