The leading payment technology provider, powering companies across the globe, Nuvei Corporation, announced a new strategic agreement. On Monday, the company confirmed it has entered into a definitive arrangement agreement to be taken private by the leading and most experienced global private equity investor, Advent International. The latest move is supported by the companyβs holders of multiple voting shares, including Philip Fayer, Novacap Management Inc. and CDPG.
The latest move to private ownership comes a few years after Nuvei has gone public. The company disclosed details regarding the definitive arrangement agreement, highlighting that shareholders will receive $34.00 per share in cash.Β This means that the enterprise value of Nuvei is approximately $6.3 billion. Despite the change from public to private ownership, the company will continue to be based in Montreal.
Moreover, the change will see Fayer retain his position of CEO and chair, overseeing the future growth and leading the business. After the completion of the aforementioned transaction, Nuvei will also retain its current leadership team.
Fayer shared his excitement about the transaction, explaining that it marks the beginning of a new chapter for the company. He said Nuvei is thrilled to combine forces with Advent and bring even more value to its growing number of customers across the globe.
βThis 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.β
Philip Fayer, CEO and chair at Nuvei
The Strategic Collaboration Is Expected to Help Nuvei Grow
Additionally, Fayer pointed out: βOur strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people.β Finally, he predicted that the collaboration with Advent, which is a company with solid experience within the payments vertical, will help propel Nuveiβs future growth and development on a global scale.
Bo Huang, Adventβs managing director, spoke about Nuveiβs exceptional global payments platform, highlighting its innovation and effectiveness. He said that the company will be fueled by Adventβs expertise, helping it continue to grow its portfolio of partners. βWe look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payments industry,β said Huang in conclusion.
Recognized as a leading technology supplier for the global payments industry, Nuvei said that during 2023, it processed $1.2 billion in revenue and more than $200 billion in total volume.