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Ingenico Sues Francisco

French payment security group Ingenico said it is suing US private equity fund Francisco Partners LP, accusing it of breaking a non-disclosure agreement by funding US rival Hypercom Corp's (NYSE:HYC) purchase of Thales' E-Transactions Business.

Hypercom announced a draft deal to buy the E-Transactions business for $120 millon cash in December, saying it would create the third largest global provider of electronic payment services.

In a statement, Ingenico said the breaches of the agreement 'arise from the Francisco Parties' proposed provision of a $60 million senior credit facility to Hypercom Corporation relating to its acquisition of Thales E-Transactions Business.'

'As a consequence, Ingenico insists that Francisco Partners must immediately withdraw from the proposed commitment,' it said.