Nuvei obtains shareholder approval to go private with Advent International

Canada-based fintech company Nuvei has obtained shareholder approval for going private with Advent International.

According to the official press release, Nuvei’s shareholders have approved the resolution supporting the planned acquisition by Neon Maple Purchaser, a newly formed entity controlled by Advent International. 

As part of the agreement, at USD 34.00 per share, Neon Maple Purchaser will reportedly acquire all of the issued and outstanding subordinate voting shares and multiple voting shares of Nuvei with the exception of those held by specific shareholders – Philip Fayer, Novacap, and CDPQ. After the arrangement is finalised, Philip Fayer, Novacap, and CDPQ are anticipated to hold approximately 24%, 18%, and 12% of the common equity of Nuvei. 

The arrangement required approval by a super-majority vote and is expected to be completed in late 2024 or the first quarter of 2025. 

News of the agreement between Nuvei and Advent International was made earlier in 2024. At the time, it was announced that Nuvei would be taken private as part of an all-cash transaction valued at around USD 6.3 billion – with the support of major shareholders like Philip Fayer, Novacap, and CDPQ.

Nuvei first started trading publicly on the Toronto Stock Exchange in September 2020, and later expanded to Nasdaq a year later.

Nuvei’s strategy and previous developments

Nuvei is a Canadian fintech company that extends modular, flexible, and scalable technology that allows companies to accept next-gen payments, offer all payout options, and benefit from card issuing, banking, risk, and fraud management services. 

The fintech connects businesses to their customers in over 200 markets, with local acquiring in 50 markets, 150 currencies, and 700 alternative payment methods.

Earlier in 2024, Nuvei partnered with ViaPlus, a VINCI Highways subsidiary, in a bid to improve payment options for consumers purchasing mobility services. Moreover, the fintech joined forces with Visa,  as part of an effort to provide the Visa Direct offering to customers and clients in the region of Colombia.

Also in 2024, Nuvei launched an Invoice Financing service and it was announced that it secured a Major Payment Institution (MPI) licence in Singapore, thus allowing it to accelerate its expansion efforts in APAC. 

For more information about Nuvei, please check out their detailed profile in our dedicated, industry-specific Company Database.