Advent to Acquire Nuvei in $6.3Bn Deal

Canadian payments firm Nuvei is set to go private after agreeing an acquisition deal with a private equity firm.

US-based Advent International has agreed to pay $6.3bn in all-cash transaction.

Under the terms of the deal, Nuvei's shareholders will receive $34 per share.

Nuvei's chair and CEO Philip Fayer will remain in charge of the company, thus ensuring some continuity once the acquisiton is completed.

The deal is expected to close before the end of the year or else in the first quarter of 2025, pending shareholder approval. 

"This transaction marks the beginning of an exciting new chapter for Nuvei," said Fayer. "We are glad to partner with Advent to continue to deliver for our customers and employees and capitalise on the significant opportunities that this investment provides."

"Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space," said Bo Huang, managing director at Advent. "We look forward to collaborating closely with Nuvei to capitalizs on emerging opportunities to help shape the future of the payment industry."

(Source: Finextra)