An investor group led by Francisco Partners agreed to acquire Verifone for approximately $3.4 billion, including Verifone’s net debt. Royal Bank of Canada, Credit Suisse and Barclays will provide debt financing to support the transaction.

Under the terms of the agreement, Verifone stockholders will receive $23.04 in cash for each share of Verifone common stock held, representing a premium of approximately 54% to the company’s closing share price of $15.00 on April 9, 2018. The Verifone board of directors unanimously approved the definitive agreement.

The transaction is not subject to a financing condition and is expected to close during Q3/18, subject to customary closing conditions, including receipt of stockholder and regulatory approvals.

Paul Galant, CEO of Verifone, said, “We are pleased to reach this agreement with Francisco Partners. With Francisco Partners’ resources, expertise and track-record growing global technology businesses, we are confident that we will be better positioned to serve the needs of our clients around the globe.”