VeriFone today announced that, as part of ongoing divestiture plans, it has reached an agreement with Hypercom to sell Hypercom’s business to the French company, Ingenico.
According to VeriFone, the transaction should be closed upon completion of the company’s acquisition of Hypercom, which is set to happen in the second half of 2011. Last November, VeriFone signed a $485 million, all-stock takeover agreement for Hypercom.
After the merger is completed, VeriFone, a global secure-electronic-payment technologies firm, will retain Hypercom’s non-payment terminal networking products operations in the US, VeriFone says.
‘The agreement marks an important milestone in the path to the completion of Hypercom’s merger transaction with VeriFone.’
Ingenico says that, with this merger, it anticipates enhancing its business activities in the US payment solutions market, specifically in the banking channel through the ISO (independent sales organisations) community.
Meanwhile, to support the integration of both business operations, Thierry Denis has been appointed president of Ingenico North America and will report to the CEO.