Montreal-based payment technology firm, Nuvei Corp., has announced that it will be going private through a deal with Advent International, along with existing Canadian shareholders Philip Fayer, Novacap, and CDPQ. The agreement entails shareholders receiving US$34 per share in cash, setting the company’s enterprise value at US$6.3 billion. Advent International, a well-established investor in the payments technology sector, is expected to bring expertise that will benefit Nuvei.
Philip Fayer will continue to serve as the company’s chair and chief executive, with the current leadership team also staying onboard. Fayer expressed excitement for this new chapter in the company’s journey. Following the deal, Fayer will indirectly own or control approximately 24% of the private company, while Novacap and CDPQ will hold 18% and 12% respectively.
This move by Nuvei to go private marks a significant development in the company’s trajectory. It is expected to position Nuvei for further growth and success in the ever-evolving payment technology landscape. The deal reflects a vote of confidence from both Advent International and the existing shareholders in Nuvei’s potential and future prospects. With Advent International’s investment expertise, Nuvei is poised for continued growth and success as it navigates this new chapter in its journey as a private company.