Fintech Nuvei to Be Taken Private by Advent International Alongside Canadian Shareholders

Nuvei Corporation (Nasdaq: NVEI) announced that it has entered into a definitive arrangement agreement to be taken private by Advent International, which claims to be one of the largest and most experienced global private equity investors, with the support of each of the company’s holders of multiple voting shares, being Philip Fayer, certain investment funds managed by Novacap Management Inc. and CDPQ, via “an all-cash transaction which values Nuvei at an enterprise value of approximately US$6.3 billion.”

The company will continue to be based in Montreal.

One of the technology providers in the global payments industry, Nuvei accelerates “the growth of its customers and partners around the world through a modular, flexible and scalable solution that enables 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‘s global reach extends “to more than 200 markets across the globe, with local acquiring in 50 markets and connectivity to 680 local and alternative payment methods.”

In its recent 2023 annual financial statements Nuvei announced that it “had processed more than US$200 billion in Total volume2, and US$1.2 billion in revenue.”

Advent is a longstanding investor in the payments space. Nuvei will benefit “from the significant resources, operational, and sector expertise, as well as the capacity for investment provided by Advent.”

Philip Fayer will remain Nuvei’s Chair and Chief Executive Officer and will lead the business in all aspects of its operations.

Nuvei’s current leadership team will also continue following the conclusion of the transaction.

Fayer commented on the announcement:

“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.”

Fayer continued:

“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.”

Bo Huang, a Managing Director at Advent said:

“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.”

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