VeriFone Buys European Payments Processing Company Point For $820 Million

VeriFone is on a bit of an acquisition spree. After purchasing payments software developer Global Bay, the payments company is acquiring European e-payments giant Point for $820 million. The acquisition is expected to close at the end of 2011. Point, which was sold by private equity group Nordic Capital, is Northern Europe's largest provider of payment and gateway services for retailers and merchants. Point installations handle 10 million transactions per day, and customers include some of the largest retail companies in Europe, as well as small independent stores and online merchants.

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