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.

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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.