Photo by: Jeffrey Greenberg/UIG via Getty Image

Private equity firm Francisco Partners has agreed to buy payments technology company Verifone for around $3.4 billion (including nearly $850m of debt), or $23.04 per share (54% premium over Monday's closing price).

Bottom line: This is a very high-stakes turnaround, as Verifone shares closed yesterday at their lowest level since late 2009.

More from Bloomberg:

VeriFone, whose point-of-sale card readers are retail staples, has struggled with delays in transitioning to chip-card technology in the U.S. as a lengthy certification processes for the new payment terminals delayed domestic sales. The firm also faces increased competition from Silicon Valley upstarts such as Square.

Timeline: The deal includes a "go-shop" period that expires on May 24, during which time it can solicit superior offers.

Other parties: British Columbia Investment Management is joining Francisco on the buyside, while Qatalyst Partners represented Verifone. Prior Verifone owners include buyout firms Gores Group and GTCR.

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Illustration: Aïda Amer/Axios

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Colorado police chief fires officers who reenacted Elijah McClain's death

LaWayne Mosley, father of Elijah McClain, wears a t-shirt with is son's picture on it during a press conference in Oct. 2019. Photo: Andy Cross/MediaNewsGroup/The Denver Post via Getty Images

Interim Aurora, Colo., police chief Vanessa Wilson fired two officers for reenacting the death of 23-year-old Elijah McClain and a third officer for commenting on the photo that captured the "despicable act," The Washington Post reports.

Why it matters: McClain died in the summer of 2019 after police officers held him in a chokehold and paramedics used a sedative, ketamine. People have been protesting McClain's death recently after the police killing of George Floyd revitalized the movement against police brutality.