Nuvei announced that it has entered into a definitive arrangement agreement to be taken private by private equity firm Advent International, with the support of each of the company’s holders of multiple voting shares, including Philip Fayer, certain investment funds managed by Novacap Management, and CDPQ. This all-cash transaction values Nuvei at an enterprise value of approximately US$6.3 billion. The company will remain based in Montreal.
Nuvei is one of the most advanced technology providers in the global payments industry. The company accelerates the growth of its customers and partners worldwide via modular and scalable solutions that enable leading companies across all verticals to accept next-gen payments, offer all payout options, and benefit from card issuing, banking, risk, and fraud management services.
Nuvei reaches over 200 markets worldwide, with local acquiring in 50 markets and connectivity to 680 local and alternative payment methods. Last year, the company processed over $200 billion in total volume and $1.2 billion in revenue.
Philip Fayer will remain Nuvei’s Chair and CEO and lead the business in all its operations. Nuvei’s current leadership team will also continue following the transaction’s conclusion.
Advent will acquire all the issued and outstanding subordinate voting shares of Nuvei and any multiple voting shares that are not rollover shares for $34 per share in cash. This price represents a premium of about 56% to the closing price on March 15, the last trading day before media reports speculated about a deal.
KEY QUOTES:
“This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides.”
“Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people. Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”
– Nuvei’s Chair and CEO Philip Fayer
“Nuvei has created a differentiated global payments platform with an innovative product offering that serves attractive payments end markets like global eCommerce, B2B and embedded payments. 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. We look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payments industry.”
– Bo Huang, a Managing Director at Advent
“As an existing and long-term shareholder, we continue to stand behind management’s proven dedication to innovation, efficiency, and market adaptation, which has consistently propelled Nuvei forward. With our continued support, we entrust management to navigate the evolving landscape adeptly, driving expansion, and delivering on our shared commitment to long-term growth for Nuvei employees and customers.”
– David Lewin, Senior Partner at Novacap
“Ever since our first investment in Nuvei in 2017, CDPQ is proud to have supported this Québec fintech leader at every stage of its growth, particularly through acquisitions on a global scale. We are delighted to accompany Nuvei once again as it embarks on this new chapter of its history, alongside recognized partners such as Advent, as well as existing shareholders Philip Fayer and Novacap.”
– Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ
