In a move set to reshape the landscape of the payment industry, Canadian payments firm Nuvei has announced its decision to go private, agreeing to an acquisition deal with the US-based private equity firm Advent International. The acquisition, valued at a staggering $6.3 billion in an all-cash transaction, marks a significant milestone for both companies and the broader financial technology sector.
Under the terms of the agreement, Nuvei’s shareholders will receive $34 per share, reflecting a premium for their investment in the company. Notably, Nuvei’s chair and CEO, Philip Fayer, will retain his position, ensuring continuity and leadership stability throughout the transition process and beyond.
The decision to go private comes at a time when Nuvei seeks to capitalize on emerging opportunities and accelerate its growth trajectory. By partnering with Advent International, a renowned investor with a strong track record in the payments sector, Nuvei aims to leverage its expertise and resources to expand its global footprint and cement its position as a leading player in the industry.
Philip Fayer expressed his optimism about the acquisition, stating, “This transaction marks the beginning of an exciting new chapter for Nuvei. 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.” His confidence reflects Nuvei’s commitment to driving innovation and delivering value to its stakeholders amidst a rapidly evolving payments landscape.
Similarly, Bo Huang, Managing Director at Advent International, articulated the firm’s enthusiasm for the partnership, emphasizing their belief in Nuvei’s potential to thrive on a global scale. “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 Huang. “We look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payment industry.”
The acquisition is subject to shareholder approval and regulatory clearance, with the deal expected to close either before the end of the year or in the first quarter of 2025. As Nuvei embarks on this transformative journey, all eyes are on the company to see how it will leverage this strategic partnership to drive innovation, foster growth, and unlock new opportunities in the dynamic world of digital payments.
In conclusion, Nuvei’s acquisition by Advent International heralds a new era of growth and expansion for the company, positioning it for success in an increasingly competitive market. With a shared vision for innovation and excellence, Nuvei and Advent International are poised to shape the future of the payment industry, delivering value to customers, employees, and shareholders alike.
