Private equity firm Francisco Partners has completed the acquisition of POS terminal and payment technology provider Verifone Systems for $3.4bn.

The Verifone acquisition, first announced in April, was carried out through a Francisco Partners-led investor group with British Columbia Investment Management as a member.

Moreover, according to the terms of the acquisition, all Verifone stockholders received $23.04 per share in cash.

As a result, the company will be led by Mike Pulli as CEO and will operate as a privately-held entity.

Pulli said: “The closing of this transaction represents a new and exciting chapter for Verifone as we seek to continue the transformation of Verifone from a terminal sales company to a leading provider of payments and commerce solutions.

“Francisco Partners brings deep industry expertise in payments technology, systems and software that will help Verifone execute on its vision for the future.

“Together, we look forward to leveraging and further accelerating Verifone’s technology to drive value for Verifone’s merchant customers and channel partners around the world.”

Established in 1981, Verifone focuses on providing POS devices across 150 countries. It has also expanded its business in the payments and commerce solutions segment.

On the Verifone acquisition, Francisco Partners partner Peter Christodoulo said: “Verifone’s payments technology is critical to the operation of merchants around the world. We are excited to build upon Verifone’s strong platform to continue to drive growth and bring additional capabilities to Verifone’s customers.”