VeriFone completes acquisition of Point

VeriFone Systems, a provider of secure electronic payment
technologies, announced it has completely acquired Point, Northern Europe’s
largest provider of payment and gateway services and solutions for retailers.


Point will operate as a VeriFone company. Point has
operations in 11 European countries and serves a captive network encompassing
almost 475,000 merchant contracts.


Point offers retailers a full range of multi-channel
services and solutions, including point-of-sale technology and support, gateway
services, card encryption services, and e-commerce processing.


VeriFone is looking forward to extend the Point platform
throughout the region and beyond, by creating infrastructure for rapid
deployment of alternative payments and NFC mobile commerce.


This acquisition supports our vision of offering
retailers everywhere a managed service to easily accept all existing payment
types, including the evolving alternative and mobile payment methods being
offered by traditional card brands and new entrants such as Google, PayPal,
Groupon and Isis,” said
VeriFone CEO Douglas G. Bergeron.


In order to finance the acquisition of Point, VeriFone
has executed a credit agreement for $1.5 billion led by J.P. Morgan Securities
LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo
Securities, LLC, Barclays Capital and RBC Capital Markets.


 The financial help will provide VeriFone with
long-term debt capital at economical interest rates. The debt consists of
5-year Term A Loans for $918.5 million, a 5-year revolving line of credit for
$350.0 million, and 7-year Term B Loans for $231.5 million.


Last year,
VeriFone Systems had also announced the acquisition of Global Bay Mobile
Technologies, a provider of next-generation mobile retail solutions.


The acquisition was the development in VeriFone’s
strategy to bring the power of mobile into the world of retail and payments,
extending new smartphone – and tablet-based shopping and payment experiences to
retail organizations.


By Team
[email protected]