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Nuvei Shareholders Approve $6.3B Advent International Buyout

M&A | Release | Jun 19, 2024

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Nuvei Shareholders Greenlight $6.3 Billion Buyout by Advent International

Nuvei Corp., a major payment technology corporation based in Montreal, has announced that its shareholders have decisively approved a buyout proposal from American private equity firm Advent International. In a recent vote, 99.24% of Nuvei shareholders approved the takeover, which pays $34 per share in cash for a valuation of $6.3 billion. This high approval demonstrates investor confidence in the transaction and its ability to strengthen the company's strategic position. This transaction will take Nuvei private.

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Advent International proposed the buyout in partnership with existing owners Novacap, CDPQ, and Nuvei's chair and CEO Philip Fayer, which was first revealed in March 2024. Under the terms of the agreement, Philip Fayer will remain CEO and chair, to ensure continuity of management. The corporation will also keep its headquarters in Montreal.

Background and Next Steps

Nuvei went public in 2020, raising $833 million and breaking the record for the largest tech IPO on the Toronto Stock Exchange. The company's innovative payment options and rapid growth sparked widespread interest, including a large investment from Canadian actor Ryan Reynolds in 2023. These achievements have established Nuvei as a prominent participant in the fintech sector, increasing market interest and investor confidence.

Glass Lewis and Institutional Shareholder Services, two renowned independent proxy consulting companies, also contributed significantly to shareholder approval. These firms had previously advocated voting in favour of the plan, emphasizing the strategic benefits of the transaction.

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Nuvei still has to get a court order to complete the transaction. The company expects the transaction to finalize later this year or in the first quarter of 2025. The successful conclusion of this buyout will usher in a new era for Nuvei as a private company, prepared for future growth and innovation.

Conclusion

The approval of Nuvei's $6.3 billion purchase by Advent International is a huge milestone for the company. With strong shareholder support and strategic backing, Nuvei is well-positioned to capitalize on future success as a private venture.


NCFA Jan 2018 resize - Nuvei Shareholders Approve $6.3B Advent International BuyoutThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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