Verifone Systems has agreed to a $3.4 billion deal – accounting for both cash and debt – that will take the firm private, Reuters reported Monday.

The company struck the pact with an investor group led by Francisco Partners and is expected to close in the third quarter of this year. The newswire reported that the agreement features a “go shop” provision, which in turn means that Verifone management can mull alternative offers, should they materialize, through a period that ends May 24.

Other investors include Canadian firm British Columbia Investment Management Corporation. Qatalyst Partners is serving as financial adviser to Verifone.

The company’s shares jumped in the wake of the announcement, up more than 50 percent, to roughly an offer price of $23.04.

Verifone’s board has approved the transaction, according to Monday’s announcement.

As reported last month during earnings season, the payments company met the Street, and as PYMNTS noted, CEO Paul Galant said the company is charting a path to growth. Systems revenue declined, but as Galant stated during a conference call with analysts, “Excluding the headwinds brought on by the North America Petro EMV push-out and last year’s terminal sale surge in India, the remaining systems business revenue grew [by] double digits year-over-year in the period.” He pointed to services, up 11 percent year-over-year, which comprised 43 percent of sales in the quarter.

The company also said during that quarterly report that for next-generation devices, Verifone delivered 7 percent of total system sales from newer products and is on track to generate 15 percent from that pantheon, amid a device roster that includes Engaged, Carbon and mobile point-of-sale devices.