VeriFone Systems Inc. announced Tuesday that it completed its acquisition of the Northern European payment and gateway services provider Point.
The San Jose, Calif., terminal maker said Point, of Stockholm, operates in about 11 European countries and serves a network of nearly 475,000 merchant contracts. VeriFone bought Point from the private-equity firm Nordic Capital Fund V.
VeriFone said in November that it planned to pay about $825 million for Point. VeriFone said it borrowed about $1.5 billion to fund the acquisition and pay other debt.
"This acquisition supports our vision of offering retailers everywhere a managed service to easily accept all existing payment types," said Douglas G. Bergeron, VeriFone's chief executive, in a press release.
In August, VeriFone bought its rival Hypercom Corp., of Scottsdale, Ariz. The deal was finalized after a lengthy regulatory and litigious process that led the companies to spin off Hypercom's U.S. terminal business, which was picked up by the private-equity firm Gores Group LLC. Gores, which previously employed Bergeron, owned a stake in VeriFone from 2001 to 2005.