Following the completion of an acquisition agreement with a private equity group, Canadian payments company Nuvei is expected to become private.
Following the completion of an acquisition agreement with a private equity group, Canadian payments company Nuvei is expected to become private.
Advent International, a US-based company, has committed to paying $6.3 billion in cash.
The agreement states that Nuvei's stockholders will get $34 per share.
After the acquisition is finished, Philip Fayer, the CEO and chair of Nuvei, will continue to lead the business.
Subject to shareholder approval, the purchase is anticipated to close before the end of the year or, alternatively, in the first quarter of 2025.
Fayer stated that this transaction signifies the start of an exciting new chapter for Nuvei. He expressed gladness in partnering with Advent to continue delivering for their customers and employees, and to capitalize on the significant opportunities that this investment offers.
Bo Huang, Managing Director at Advent, expressed confidence in their ability to support Nuvei's growth trajectory from its Canadian foundation to a global presence in the payments industry, given their extensive expertise and experience in the field. He further emphasized their anticipation of closely collaborating with Nuvei to capitalize on emerging opportunities and help shape the future of the payment industry.
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