VeriFone Systems (PAY) Approves Additional $100M Buyback

On December 11, 2017, Verifone (NYSE: PAY) sold its Taxi business for $30 million in cash consideration. In connection with the transaction, Verifone also retained a minority equity interest in the divested business.

Verifone expects to use the net proceeds from the Taxi divestiture, plus available cash, to complete the remaining $50 million authorized under its previously-announced $200 million stock buyback program. Furthermore, the Company’s Board of Directors has authorized an additional $100 million stock repurchase program, which Verifone intends to execute over the coming 12 to 18 months, subject to market conditions and other factors, delivering to shareholders a meaningful percentage of free cash flow generated by the Company during this period.

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