Nuvei goes private in deal with investors

Payments firm aims to benefit from new owner’s expertise

Payment technology firm Nuvei Corp. has signed a deal to be taken private by Advent International, alongside existing Canadian shareholders Philip Fayer, Novacap and CDPQ.

Under the agreement announced Monday, shareholders will receive $34 (U.S.) per share in cash in a deal that puts an enterprise value of $6.3 billion on the company.

Nuvei said Advent is a long-standing investor in the payments technology sector and the company stands to benefit from its expertise.

Fayer, who will remain as the company’s chair and chief executive, said the deal marks the beginning of an exciting new chapter.

The company’s current leadership team will also remain in place.

“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,” he said in a statement.

“Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

Fayer will indirectly own or control about 24 per cent of the resulting private company, while Novacap will hold 18 per cent and CDPQ will own 12 per cent.

Bo Huang, a managing director at Advent, said Nuvei has created a differentiated global payments platform.

“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,” Huang said in a statement.

In January, Nuvei announced a partnership deal with software company Adobe to provide customers access to its payment technology.