Apr 10, 2018

Verifone going private in $3.4 billion deal

Dan Primack, author of Pro Rata

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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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

Global: Total confirmed cases as of 1 p.m. ET: 11,137,846 — Total deaths: 526,156 — Total recoveries — 6,003,824 — Map.
U.S.: Total confirmed cases as of 1 p.m. ET: 2,809,108 — Total deaths: 129,509 — Total recoveries: 883,561 — Total tested: 34,213,497 — Map.
States: America's exceptionally uneventful Fourth of July — ICU beds in Arizona's hot spot reach near capacity.
Public health: U.S. coronavirus infections hit record highs for 3 straight days.
Politics: Trump extends PPP application deadline — Kimberly Guilfoyle tests positive.
World: Mexican leaders call for tighter border control as infections rise in U.S.
Sports: 31 MLB players test positive as workouts resume.
1 📽 thing: Drive-in movie theaters are making a comeback.

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2 hours ago - Health

U.S. coronavirus infections hit record highs for 3 straight days

Illustration: Aïda Amer/Axios

The U.S. has reached new highs in single-day coronavirus infections for three consecutive days this week, per data from Johns Hopkins and the COVID Tracking Project.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.

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Updated 3 hours ago - Politics & Policy

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.

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