secwatch.observer — SEC 8-K summary
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Issuer:     i3 Verticals, Inc. (IIIV)
CIK:        0001728688
Form:       8-K
Filed at:   2024-06-26T23:59:59+00:00
Accession:  0001728688-24-000079
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

i3 Verticals to sell merchant of record payments business to Payroc for $440M cash
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- Purchase price of $440M in cash for merchant of record payments business and proprietary technology.
- Closing expected in i3's fiscal Q4 2024 (quarter ending Sept 30, 2024), subject to HSR and other conditions.
- Proceeds to pay down almost all of its 2023 Senior Secured Credit Facility; borrowing rate to fall 1%.
- Remaining business becomes pure vertical software focused on Public Sector, Education, and Healthcare.
- i3 retains payment facilitation platform and ability to attach payments to its vertical software solutions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1728688/000172868824000079/0001728688-24-000079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1728688/000172868824000079/iiiv-20240626.htm
  HTML page:      https://secwatch.observer/filing/0001728688-24-000079

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