SAN JOSE, Calif. — Payment systems provider VeriFone Systems and Hypercom, Scottsdale, Ariz., announced Monday that they have reached an agreement to sell the U.S. payment systems business of Hypercom to French payment systems provider Ingenico S.A.
The transaction is expected to close immediately prior to completion of VeriFone’s acquisition of Hypercom, which is expected to occur in the second half of 2011, subject to certain closing conditions. The aggregate purchase price to be paid by Ingenico is $54 million in cash, subject to certain post-completion price adjustments.
In 2010, the Hypercom U.S. business included in the agreement achieved revenues of approximately $61 million. Following the completion of the merger, VeriFone will retain Hypercom’s non-payment-terminal networking products operations in the U.S.