Nuvei Corporation, a global payment firm, plans to privatize its operations in a deal led by the private equity investment company Advent International. This all-cash transaction is valued at approximately US$6.3 billion.

Under the terms of this agreement, Nuvei's shareholders will receive US$34 per share in cash. With a focus on providing flexible and scalable solutions, Nuvei has a presence in more than 200 markets globally. The company offers over 680 payment methods.

Fayer Remains CEO

Philip Fayer, Nuvei's Chair and Chief Executive Officer, will continue to lead the company, ensuring continuity in its strategic direction and operations. According to the press release, Advent aims to support Nuvei's growth trajectory and capitalize on emerging opportunities in the payment Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term industry.

Fayer mentioned: "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."

The proposed transaction has reportedly garnered strong support from Nuvei's shareholders, including Fayer, Novacap, and CDPQ who collectively represent a significant portion of the voting power. The new deal is subject to shareholders' approval, with the completion timeline expected towards the end of 2024 or the first quarter of 2025.

Nuvei enters into agreement to be taken private by Advent International, alongside existing Canadian shareholders ... https://t.co/eCsjkBxfzu

— Jared Kirui (@JaredLopta79285) April 1, 2024

Shareholders' Support

Bo Huang, the Managing Director at Advent, added: "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 payment industry."

In February, Nuvei introduced direct payment access in Colombia. This expansion aims to streamline processes for local businesses by enabling them to expand internationally. By providing direct payments, Nuvei enables Colombian businesses to onboard customers without intermediaries.

Additionally, the company's direct payment access allows businesses to take control of their transactions by directly accepting card payments and managing the flow of transactions. By bypassing intermediaries, businesses can optimize their payment processes and enhance operational efficiency, the company mentioned.