VeriFone, a San Jose-based manufacturer of point-of-sale equipment, has agreed to acquire European payments firm Point for EUR600m (USD820m), including approximately EUR170m (USD230m) of outstanding debt, bringing the total cost of the deal to over USD1bn. The buy-out will provide VeriFone with an existing network of 475,000 merchant contracts across Scandinavia, the Baltic states, Iceland, Ireland, France and the UK, handling 10m transactions per day.
“Our vision is to offer retailers everywhere a managed service to easily accept all existing payment types, including the evolving alternative and mobile payment methods being offered by Google, PayPal, Groupon, Isis, Visa, MasterCard, and American Express,” says VeriFone CEO Douglas Bergeron. The firm estimates that Point will bring in USD260m in sales over the coming 12 months, wiping out its debts.
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