Gores Technology to Buy VeriFone From HP
Staff and Wire Reports
Gores Technology Group, a Los Angeles-based investment firm, agreed to buy VeriFone, a leading maker of credit card payment systems, from Hewlett-Packard Co. Terms were not disclosed. HP bought VeriFone four years ago for $1.15 billion.
VeriFone’s products are used to process payments made at gasoline pumps, financial institutions and other businesses. The sale will allow HP, which employs about 1,700 workers at VeriFone, to focus on selling computers and related services, the company said. Privately held Gores said it plans to keep all of VeriFone’s employees on staff.
