Nuvei Corporation (NVEI) announced it has agreed to be taken private by Advent International in a deal valued at approximately $6.3 billion.
The all-cash transaction will see Nuvei shareholders receive $34 per share in cash, representing a premium of approximately 56% over Nuvei's closing share price of $21.76 on the Nasdaq on March 15, 2024. It is also a premium of around 48% over Nuvei's 90-day volume-weighted average trading price.
The agreement will see private equity investor Advent International take control of Nuvei with the support of the company's key multiple voting shareholders, including Philip Fayer, certain investment funds managed by Novacap Management, and CDPQ.
Philip Fayer, Novacap, and CDPQ are expected to indirectly own or control approximately 24%, 18%, and 12%, respectively, of the equity in the resulting private company. Fayer will continue to lead Nuvei as Chair and CEO alongside his broader leadership team, and Montreal will continue as Nuvei's headquarters.
"This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides," said Fayer.