Verifone Systems Inc. and Francisco Partners, a technology-focused private equity firm, have entered into a definitive agreement under which an investor group led by Francisco Partners, and including British Columbia Investment Management Corp., will acquire Verifone for $23.04 per share in cash.

The deal represents a total consideration of approximately $3.4 billion, which includes Verifone's net debt.

Under the agreement, Verifone stockholders will receive $23.04 in cash for each share of Verifone common stock held, representing a premium of approximately 54 percent to the company's closing share price of $15 on April 9, 2018, according to a press release.

Verifone's board of directors has unanimously approved the definitive agreement and recommends that Verifone stockholders vote in favor of the transaction. Upon completion of the transaction, Verifone will become a privately-held company.

"This transaction delivers significant cash value to our stockholders and provides compelling benefits for our clients," Verifone CEO Paul Galant said in the release. "We believe this transaction reflects the progress we have made executing our transformation from a terminal sales company to a payments and commerce solutions provider. With Francisco Partners' resources, expertise and track-record growing global technology businesses, we are confident we will be better positioned to serve the needs of our clients around the globe."

The transaction is not subject to a financing condition and is expected to close during the third calendar quarter of 2018, subject to customary closing conditions, including receipt of stockholder and regulatory approvals, according to the release.