Nuvei has achieved an important milestone after the court granted final approval for it to go private. The Superior Court of Québec, Commercial Division, granted the Canadian fintech company the green light following a shareholder vote that took place on June 18, 2024, in which the majority supported the proposed plan.
Shareholders and Court Back Nuvei
This approval, led by Advent International, marks a significant moment in Nuvei's journey and sets the stage for a new phase in its corporate strategy. This transaction is structured under section 192 of the Canada Business Corporations Act and involves Nuvei and Neon Maple Purchaser Inc., a new entity controlled by Advent International, a private equity firm.
This court approval is a critical step, but the transaction's completion still hinges on meeting customary closing conditions and obtaining key regulatory approvals. The remaining steps in the process include satisfying or waiving several closing conditions typical for transactions of this nature.
Given all conditions are met, Nuvei expects to complete the arrangement by late 2024 or early 2025. With local acquiring capabilities in 50 markets, Nuvei connects businesses to their customers efficiently, offering solutions that include payment acceptance, diverse payout options, and risk and fraud management.
Nuvei's transition to private ownership under Advent International promises is expected to bolster Nuvei's operational capabilities and expand its global footprint.
$6B All -Cash Deal
In April, Nuvei announced its plans to privatize its operations in a deal led by Advent International. The transaction is an all-cash deal valued at approximately US $6.3 billion. Under this agreement, Nuvei's shareholders will receive US$34 per share in cash.
Besides that, Philip Fayer, Nuvei's Chair and Chief Executive Officer, will continue to spearhead the company to ensure continuity in its operations. Advent aims to support Nuvei's expansion and capitalize on emerging opportunities in the payment industry.
Most recently, Nuvei collaborated with ViaPlus, a US-based transport company, to support payment methods for mobility services. Through this partnership, the two entities plan to introduce over 700 new payment methods to enhance convenience and flexibility for users in multiple countries.
The collaboration between ViaPlus, a subsidiary of VINCI Highways, and Nuvei seeks to strengthen the payment process for mobility services. This partnership is based on ViaPlus' mobility back office, which handles vast transaction volumes, and Nuvei's global acquiring and processing capabilities.
