Nuvei snapped up by Advent International in $6.3bn deal
US private equity firm Advent International has signed a definitive agreement to acquire Canadian payments processor Nuvei in a deal worth $6.3 billion.
Nuvei sold to Advent International
The news confirms reports by the Wall Street Journal and Reuters last month that the Montreal-headquartered paytech was in advanced talks to be bought out by the firm.
Advent is to offer Nuvei’s shareholders $34 per share – a 56% premium on the company’s 15 March share price of $21.76 – through an all-cash transaction, which will result in the paytech being delisted from the Toronto Stock Exchange (TSE) and Nasdaq, where it has been listed since September 2020 and October 2021, respectively.
Nuvei CEO and chairman, Philip Fayer, is to retain his leadership role of the resulting private company and will hold a 24% indirect stake in its equity once the acquisition is complete. Existing shareholders, Canadian private equity Novacap Management and investment group CDPQ, will also hold stakes of 18% and 12%, respectively.
Founded in 2003, Nuvei provides businesses with payment processing technology alongside banking, card issuing, and risk and fraud management services. The paytech claims to have processed a total payments volume of more than $200 million in 2023, when it generated $1.2 billion in revenue.
Still subject to customary closing conditions and certain regulatory approvals, it says it expects the deal with Advent to close by “late 2024 or the first quarter of 2025”.
