Canadian payment processing company Nuvei has wrapped up its previously announced $6.3bn go-private transaction with US-based private equity investor Advent International.
Completed under the Canada Business Corporations Act, the transaction will delist Nuvei’s subordinate voting shares from the Toronto Stock Exchange (TSX) the Nasdaq Global Select Market by the end of this month.
The fintech firm has also applied to stop being a reporting issuer in all applicable Canadian jurisdictions and will deregister shares with the US Securities and Exchange Commission (SEC).
Advent International managing director Bo Huang said: “We are excited to begin this partnership and support Nuvei’s growth through investments and acquisitions to best serve its customers globally as a modern payments partner.”
Last week, Nuvei secured all required regulatory approvals for the deal announced in April this year.
The go-private transaction received approval from Nuvei’s shareholders during a special meeting held in June 2024. The publicly listed company’s subordinate voting and multiple voting shareholders cast 99.24% votes.
Advent International acquired all the issued and outstanding subordinate voting shares of Nuvei and any multiple voting shares that are not rollover shares for a price of $34 per share in cash.
The consideration represented about a 56% premium to the closing price of the subordinate voting shares on the Nasdaq on 15 March 2024 and a premium of nearly 48% to the then 90-day volume-weighted average trading price.
Nuvei’s Canadian shareholders Philip Fayer, certain investment funds managed by Novacap Management and Caisse de dépôt et placement du Québec (CDPQ) rolled around 95%, 65% and 75%, respectively, of their shares for $560m in cash.
Following the closing of the deal, Advent International, Fayer, Novacap, and CDPQ indirectly own or control about 46%, 24%, 18% and 12%, respectively, of the equity in the newly formed private company.
Fayer will also remain Nuvei’s chair and CEO, overseeing all aspects of the company’s operations alongside the existing leadership team, who will continue in their current roles.
He said: “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 modern, flexible and purpose-built technology.
“A key part of this next phase will be the implementation of our Value Creation Plan, a comprehensive strategic exercise designed to optimise our operations as we execute on various opportunities for accelerated growth.”
