MONTREAL — Payments technology company Nuvei Corp. has signed an agreement to be taken private by Advent International, along with existing Canadian shareholders Philip Fayer, Novacap and CDPQ.
Under the agreement announced Monday, shareholders will receive $34 in cash per share in a deal that gives the company an enterprise value of $6.3 billion.
Nuvei said Advent has been investing in the payments technology space for many years and the company stands to benefit from its expertise.
Feyer, who will remain as chairman and chief executive officer of the company, said the deal marks the beginning of an exciting new chapter. The company's current management team will also remain in place.
“We are pleased to partner with Advent as we continue to deliver for our customers and employees and take advantage of the significant opportunities this investment presents,” he said in a statement.
“By bringing on a partner with such extensive experience in the payments field, we will continue to support our development.”
Feyer will indirectly own or control approximately 24% of the resulting private company, with NovaCap owning 18% and CDPQ 12%.
Bo Huang, Advent's managing director, said Nuvei has built a differentiated global payments platform.
“Our deep payment expertise and experience gives us confidence in the opportunity to support Nuvei as it continues to expand from its Canadian base as a global player in this space,” Huang said in a statement.
“We look forward to working closely with Nuvei to take advantage of new opportunities that will shape the future of the payments industry.”
In January, Nuvei announced a partnership with software company Adobe to provide customers with access to the company's payments technology.
The deal with Adobe follows Nuvei's partnership with Microsoft announced last year, which will see the software company begin using Nuvei's payments technology in the Middle East and Africa.
The acquisition of Advent is subject to shareholder and regulatory approval and is expected to close in late 2024 or the first quarter of 2025.
Nubay said the transaction was supported by holders of multiple voting shares in the company, namely Feyer, Novacap and CDPQ shareholders, who collectively vested all of their shares. He said it holds about 92% of the voting rights.
This report by The Canadian Press was first published April 1, 2024.
Companies featured in this article: (TSX:NVEI)
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