Hypercom Corporation Announces Completion of Merger with VeriFone Systems, Inc.
05 August 2011 - 7:27AM
Business Wire
Hypercom Corporation (NYSE: HYC) announced today the completion
of its merger with a wholly-owned subsidiary of VeriFone Systems,
Inc., following which Hypercom is now a wholly-owned subsidiary of
VeriFone. In connection with the closing, Hypercom Corporation
divested its U.S. payment solutions business to The Gores Group,
LLC as part of its settlement with the U.S. Department of Justice,
immediately prior to the merger closing. In addition, immediately
prior to the merger closing, Hypercom Corporation divested its UK
and Spain businesses to a wholly owned subsidiary of KleinPartners
Capital Corp.
"In fewer than four years, Hypercom has increased revenue from
almost $250 million to nearly $470 million and built strong
relationships with hundreds of customers in many regions across the
world,” said Philippe Tartavull, Chief Executive Officer and
President of Hypercom. “On behalf of our shareholders, I thank
Hypercom's employees for a tremendous track record of success and
integrity that has created significant value. The combined company
should create new growth opportunities and deliver a significant
opportunity for our shareholders to benefit from being owners of an
even stronger global company.”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release includes certain forward-looking statements
related to VeriFone Systems, Inc. and Hypercom Corporation within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on management’s current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the forward-looking statements herein due
to changes in economic, business, competitive, technological and/or
regulatory factors, and other risks and uncertainties affecting the
operation of the business of VeriFone Systems, Inc. and Hypercom
Corporation. These risks and uncertainties include whether the
anticipated benefits of the acquisition can be achieved. For a
further list and description of risks and uncertainties, see our
periodic filings with the Securities and Exchange Commission.
VeriFone and Hypercom are under no obligation to, and expressly
disclaim any obligation to, update or alter their forward-looking
statements, whether as a result of new information, future events,
changes in assumptions or otherwise. HYCP
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