Nuvei Completes Previously Announced Go-Private Transaction

Canadian FinTech Nuvei has completed its previously announced go-private transaction.

As a result of the completion of the arrangement, the company expects that the subordinate voting shares will be de-listed from the Toronto Stock Exchange around Monday (Nov. 18) and from the Nasdaq Global Select Market around Nov. 25, Nuvei said in a Friday (Nov. 15) press release.

Under the previously announced arrangement, Nuvei became a wholly owned subsidiary of the purchaser, of which Advent, Nuvei CEO Philip Fayer, Novacap and Caisse de dépôt et placement du Québec (CDPQ) hold or control about 46%, 24%, 18% and 12%, respectively, according to the release.

Fayer, the founder of Nuvei, will continue to serve as the company’s chair and CEO, with Nuvei’s current leadership team continuing in their roles, per the release.

“We are excited to embark on a new chapter with Advent, Novacap and CDPQ, one focused on our long-term strategy and commitment to accelerating the revenue of our customers globally,” Fayer said in the release. “For more than 20 years we have provided customers with mission-critical solutions they need to execute on their growth journeys. This commitment will remain the same as we continue to build deeper partnerships with our customers by providing them with modern, flexible and purpose-built technology.”

Nuvei said Wednesday (Nov. 13) that it received all the regulatory approvals it needed for the transaction and that it expected to become a private company by the end of the week.

The company announced April 1 that it planned to go private in a $6.3 billion deal with Advent.

It received shareholder approval for the plan in June after telling shareholders that the agreement is “in the best interests of the company … and represents an increase of approximately 42% from the consideration initially proposed by Advent.”

Since that time, Nuvei announced a partnership with open software-as-a-service (SaaS) eCommerce platform BigCommerce that it said will globally enable customizable payment solutions that were previously only available to large enterprise companies; added split payments and other new features and enhancements to its Nuvei for Platforms product; and said it was set to acquire Brazilian payments institution Pay2All.