I3 Verticals (IIIV) has issued an update.
On June 26, 2024, i3 Verticals and its subsidiaries entered into a Securities Purchase Agreement with Payroc Buyer, LLC, for the sale of its merchant of record payments business for $440 million, subject to customary adjustments. The deal, not contingent on financing, includes various ancillary agreements such as transition and processing services, and non-competition covenants. With financing secured through equity and debt, the transaction’s completion hinges on standard closing conditions and regulatory approvals, and is anticipated in the fourth fiscal quarter of 2024. The agreement also outlines termination rights and a reverse termination fee under certain conditions.
Learn more about IIIV stock on TipRanks’ Stock Analysis page.
