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September 1, 2005

VeriFone to sell shares

Electronics payment technology vendor VeriFone Inc plans to sell $248.3m worth of shares on the New York stock exchange in a deal that will see existing stockholders sell 8.5 million shares and the company bank $50.5m net of expenses from the sale of 2.5 million shares.

By CBR Staff Writer

The company, which held a successful IPO in April, plans to use the funds for general corporate purposes, including potential acquisitions though it said there are currently no deals in place.

Strong demand for its stock has seen its share price increase from its IPO price of $10 to a current level of $21.56, and this will have encouraged the current fund-raising.

VeriFone was bought by Hewlett-Packard Co for $1.18bn in 1997 but was then sold to venture capitalist Gores Technology Group in 2001 for an undisclosed figure because it was seen as a drag on its parent.

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