i3 Verticals to sell merchant of record payments business for $440M

i3 Verticals and Payroc WorldAccess announced that the companies have entered into a definitive agreement whereby Payroc will acquire i3 Verticals’ merchant of record payments business, including its associated proprietary technology, in an all-cash transaction for $440M, subject to certain purchase price adjustments. The transaction is subject to closing conditions as set forth in the definitive agreement, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The closing is expected to occur sometime in i3 Verticals’ fiscal fourth quarter.