Montreal-based payment technology company, Nuvei Corp., has announced that it will be going private through a deal with Advent International, along with existing Canadian shareholders Philip Fayer, Novacap, and CDPQ. The agreement entails shareholders receiving US$34 per share in cash, setting the company’s enterprise value at US$6.3 billion.
The news of Nuvei going private marks a significant development in the company’s trajectory. This move is expected to position Nuvei for further growth and success in the ever-evolving payment technology landscape. The deal reflects a vote of confidence from both Advent International and the existing shareholders in Nuvei’s potential and future prospects.
Philip Fayer will continue to serve as the company’s chair and chief executive, with the current leadership team also staying onboard. Fayer expressed excitement for this new chapter in the company’s journey. Following the deal, Fayer will indirectly own or control approximately 24% of the private company, while Novacap and CDPQ will hold 18% and 12% respectively.
Advent International is a well-established investor in the payments technology sector and is expected to bring expertise that will benefit Nuvei. With its experience in investing in companies that operate at scale, Advent International can help Nuvei expand its operations and reach new markets. Additionally, its strong track record of successful investments can provide Nuvei with valuable guidance and support as it navigates this new chapter in its journey.
The deal is expected to close by mid-year 2021 subject to regulatory approval and other customary closing conditions.
In conclusion, this move by Nuvei Corp is a positive step towards further growth and success in the payment technology industry. With Advent International joining as an investor, Nuvei can expect to receive valuable guidance and support as they navigate their next steps towards achieving their goals.
