The U.S. Justice Department on Thursday cleared VeriFone Systems Inc's (PAY.N) purchase of Hypercom Corp (HYC.N), after the companies found another buyer for its the point-of-sale terminals business, a private equity-backed group. The Justice Department's antitrust division had sued to block the deal in May saying the first proposed buyer of that business, Ingenico (INGC.PA), did not remedy competition concerns. Hypercom and VeriFone collectively control more than 60 percent of the U.S. market for the terminals. The companies abandoned the Ingenico deal and have since found an alternate buyer, a group backed by Gores Group LLC, the department said. The buyer will acquire the physical assets, employees, intellectual property rights and other assets.
VeriFone Systems, Inc. (VeriFone), formerly VeriFone Holdings, Inc. Shares of PAY fell by 4.22% or $-1.73/share to $39.26. In the past year, the shares have traded as low as $20.97 and as high as $58.88. On average, 2857540 shares of PAY exchange hands on a given day and today's volume is recorded at 3768874.
Hypercom Corporation (Hypercom) is a global provider of electronic payment and transaction solutions and value-added services at the point of transaction. Shares of HYC fell by 3.29% or $-0.3/share to $8.83. In the past year, the shares have traded as low as $3.05 and as high as $12.70. On average, 1146680 shares of HYC exchange hands on a given day and today's volume is recorded at 7809889.
