Nuvei Gets Regulatory Blessing to Go Private

Canadian FinTech Nuvei is expected to become a private company by the end of the week.

The company received all the regulatory approvals it needs in order to be acquired by Advent International, according to a Wednesday (Nov. 13) press release.

Assuming it meets all other closing conditions, the deal should become final on or about Friday (Nov. 15). The acquisition was approved by Nuvei’s board in June.

The company announced the $6.3 billion deal April 1. Nuvei CEO Philip Fayer, who will control close to a quarter of the equity in the private company, said at the time that the acquisition marks “the beginning of an exciting new chapter for Nuvei.”

“Our strategic initiatives have always focused on accelerating our customers’ revenue, driving innovation across our technology, and developing our people,” Fayer said at the time in a statement. “Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

Going private lets firms pursue “market opportunities without being marked to market on public exchanges each day,” PYMNTS wrote the day after the deal was announced.

Since that time, Nuvei has continued adding products and partnerships, such as its collaboration with BigCommerce.

The October integration of the Nuvei for Platforms solution and BigCommerce is designed to provide omnichannel payment processing for BigCommerce’s customers in North America, Europe and Asia Pacific, connecting online and in-store transactions.

The company also debuted several new features to its Nuvei for Platforms product, including a split payments feature, which automatically splits processed transactions into the platform’s commission and the seller’s fee.

Meanwhile, PYMNTS spoke with Nuvei Chief Revenue Officer Laura Miller in August about the challenges of payment optimization.

One of the biggest hurdles is the complexity of the payments industry, she said. In the past few years, consumer expectations have changed. They expect the ability to pay anywhere, anytime, safely and securely. Still, this convenience comes with a host of obstacles.

“The payment experience can be daunting for consumers,” Miller said. “From error messages to internet stability, and the vast array of payment options, each of these factors can either enhance or hinder the customer experience.”