i3 Verticals To Sell Its Merchant Of Record Payments Business To Payroc WorldAccess In An All-Cash Transaction For $440M
Portfolio Pulse from Benzinga Newsdesk
i3 Verticals (IIIV) is selling its Merchant of Record Payments business to Payroc WorldAccess for $440 million in an all-cash transaction. The deal is expected to close in i3 Verticals' fiscal fourth quarter and includes two non-core assets from its Software and Services segment related to the Non-profit and Property Management vertical markets.
June 26, 2024 | 9:02 pm
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i3 Verticals is selling its Merchant of Record Payments business to Payroc WorldAccess for $440 million. The transaction includes non-core assets and is expected to close in the fiscal fourth quarter.
The sale of the Merchant of Record Payments business for $440 million in cash will likely provide i3 Verticals with significant liquidity. This could be used for debt reduction, reinvestment, or other strategic initiatives, positively impacting the stock price in the short term.
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