Nuvei to be taken private by Advent International

Specifically, the agreement involves taking Nuvei private in an all-cash transaction valued at approximately USD 6.3 billion, with the support of major shareholders including Philip Fayer, Novacap Management Inc., and CDPQ. It's also worth noting that the company will remain headquartered in Montreal. 

Nuvei is a prominent technology provider in the global payments industry, offering modular solutions for businesses to accept various payment methods and manage related services such as risk and fraud management. With a presence in over 200 markets and connectivity to 680 payment methods, Nuvei processed more than USD 200 billion in total volume and generated USD 1.2 billion in revenue in its 2023 financial statements. 

Nuvei's current Chair and CEO will continue to lead the company post-acquisition, alongside the existing leadership team. Advent International, known for its investments in the payments sector, brings several resources and expertise to support Nuvei's growth initiatives.

A closer look at the transaction 

Transaction highlights include Advent acquiring all issued subordinate voting shares of Nuvei at USD 34.00 per share in cash, representing a premium to the company's recent trading prices. Specifically, this price represents a premium of approximately 56% to the closing price of the Subordinate Voting Shares on the Nasdaq Global Select Market on 15 March 2024, the last trading day prior to media reports concerning a potential transaction involving the company, and a premium of approximately 48% to the 90-day volume weighted average trading price per Subordinate Voting Share as of such date. 

Majority shareholders, including Philip Fayer, Novacap, and CDPQ, have agreed to retain a portion of their shares post-transaction, collectively owning approximately 54% of the resulting private company. The proposed transaction has garnered support from holders of multiple voting shares, representing approximately 92% of the total voting power. Nuvei's Board of Directors, advised by independent counsel, unanimously recommends shareholder approval of the transaction, subject to regulatory and shareholder approvals. 

The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in late 2024 or the first quarter of 2025. Following completion, Nuvei's subordinate voting shares will be delisted from stock exchanges, and the company will deregister with the US Securities and Exchange Commission. 

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