<p>Private equity firm Advent International has agreed to buy Canada's Nuvei in a deal that values the payments technology firm, which has received financial backing from actor Ryan Reynolds, at $6.3 billion.</p><p>The deal, valued at $34 per share, will take Nuvei private almost four years after the company was listed on the Toronto Stock Exchange.</p><p>The buyout of Nuvei, which has a market capitalization of nearly C$6 billion ($4.42 billion), would make it one of the more sizable take-private deals at a time when private equity dealmaking has slowed.</p><p>It represents a premium of 56 per cent to the company's closing price on the Nasdaq before a potential deal was reported in the media in mid-March.</p><p>Current CEO Philip Fayer will continue to lead the company and Nuvei will remain headquartered in Montreal, it said.</p><p>Nuvei provides payments technology to businesses, allowing them to pay and accept payments regardless of their customers' location or preferred payment method.</p><p>Existing shareholders - Fayer, private equity firm Novacap and Canadian pension fund CDPQ - are expected to indirectly own or control about 24%, 18 per cent and 12 per cent, respectively, of the equity in the private company after the deal closes.</p><p>Payments processors thrived during the Covid-19 pandemic as customers turned to digital payment methods, but some have since struggled to maintain growth as competition mounted and inflation took off.</p><p>The deal is expected to close in late 2024 or the first quarter of 2025.</p><p>The company's stock on both the Toronto exchange and the Nasdaq was last halted.</p><p>($1 = 1.3572 Canadian dollars) </p>
<p>Private equity firm Advent International has agreed to buy Canada's Nuvei in a deal that values the payments technology firm, which has received financial backing from actor Ryan Reynolds, at $6.3 billion.</p><p>The deal, valued at $34 per share, will take Nuvei private almost four years after the company was listed on the Toronto Stock Exchange.</p><p>The buyout of Nuvei, which has a market capitalization of nearly C$6 billion ($4.42 billion), would make it one of the more sizable take-private deals at a time when private equity dealmaking has slowed.</p><p>It represents a premium of 56 per cent to the company's closing price on the Nasdaq before a potential deal was reported in the media in mid-March.</p><p>Current CEO Philip Fayer will continue to lead the company and Nuvei will remain headquartered in Montreal, it said.</p><p>Nuvei provides payments technology to businesses, allowing them to pay and accept payments regardless of their customers' location or preferred payment method.</p><p>Existing shareholders - Fayer, private equity firm Novacap and Canadian pension fund CDPQ - are expected to indirectly own or control about 24%, 18 per cent and 12 per cent, respectively, of the equity in the private company after the deal closes.</p><p>Payments processors thrived during the Covid-19 pandemic as customers turned to digital payment methods, but some have since struggled to maintain growth as competition mounted and inflation took off.</p><p>The deal is expected to close in late 2024 or the first quarter of 2025.</p><p>The company's stock on both the Toronto exchange and the Nasdaq was last halted.</p><p>($1 = 1.3572 Canadian dollars) </p>