Nuvei evaluating bids for potential buyout with Advent reportedly leading the race
Canadian payments processor Nuvei says it has formed a special committee to “evaluate and consider” potential buyout deals put forward by third parties that would see it become a private company.
Nuvei weighs up bids for potential buyout
The Montreal-headquartered paytech has been trading on the Toronto Stock Exchange (TSE) since its record-breaking $700 million initial public offering (IPO) in September 2020. It subsequently launched on Nasdaq in October 2021.
Its latest statement is in response to reports by the Wall Street Journal and Reuters that it is in advanced talks with US private equity firm Advent International over a potential takeover.
Sporting a market capitalisation of over $3 billion, Nuvei has a strong presence in the global payments market, strengthened recently with its acquisition of Aussie paytech Till Payments. Advent itself has also been busy on the acquisitions front recently, having snapped up UK paytech myPOS in November.
However, reports suggest that should a potential deal be on the table, its exact terms could still be subject to change and a deal still may not materialise. Advent declined to comment on the matter when contacted by FinTech Futures.
While it weighs up its options, Nuvei confirmed earlier this week that it is “engaged in discussions with certain third parties”, yet also stated that it has “not entered into any agreements or understandings to effect a privatisation or similar transaction”.
Its statement added that “there can be no assurance that any discussions that have taken place will result in any such agreements or understandings”, and that ultimately, “no decision has been made at this time whether to pursue a transaction or maintain the status quo”.
