Nuvei shareholders approve transformative $6.3bn private acquisition

Nuvei Corporation’s shareholders have approved a pivotal plan of arrangement, marking a significant milestone in the company’s transition to private ownership under the auspices of Advent International. Valued at $6.3 billion, the acquisition will be executed at $34.00 per share in cash, a substantial premium over Nuvei’s recent trading prices on both the Nasdaq and the TSX.

The transaction was first announced in April 2024, sparking significant interest from the market due to the size of the buyout and the premium offered to shareholders. Advent International, a prominent global private equity firm, aims to leverage Nuvei’s strong position in the fintech sector to foster growth and innovation. This strategic move aligns with Advent’s history of investing in high-potential companies and enhancing their value through substantial resources and industry expertise.

The special meeting of shareholders, held to consider the arrangement, resulted in a decisive vote in favor of the plan. The approval from the shareholders was a critical requirement for moving forward with the deal, which still awaits final court and regulatory consents. The transaction’s completion is expected by early 2025.

Philip Fayer will continue in his role as CEO and Chair, ensuring strategic continuity. Major shareholders, including Novacap Management Inc. and Caisse de dépôt et placement du Québec (CDPQ), are also participating in the transaction as rollover shareholders, reaffirming their commitment to Nuvei’s future. This retention of key stakeholders is expected to stabilize the company’s leadership post-acquisition and support its ambitious growth plans.

The acquisition is significant for Nuvei as it transitions from a public entity to a privately-held company under Advent’s umbrella. This move is anticipated to facilitate quicker decision-making and more aggressive strategic shifts, critical in the fast-paced fintech market. The transaction highlights the confidence in Nuvei’s robust operational performance and strategic direction, offering an opportunity to further scale operations and innovate within the global payments landscape.

Nuvei is expected to continue its trajectory of rapid growth and market expansion. With Advent’s backing, the company will likely introduce new products and expand into untapped markets, enhancing its comprehensive suite of payment solutions. This acquisition will further strengthen Nuvei’s position in a competitive industry, focusing on next-generation payment technologies and expanding its global reach.