Intellicheck Identity Verification Report June 2024 Banner

Nuvei Shareholders Approve Previously Announced Go-Private Deal

Nuvei has obtained shareholder approval for its previously announced plan for a going private transaction with Advent International.

Shareholders approved the special resolution at a meeting held Tuesday (June 18), the Canadian FinTech company said in a Tuesday press release.

Shares that are not held by one of three rollover shareholders — Nuvei founder, chair and CEO Philip Fayer, certain investment funds managed by Novacap Management, and Caisse de dépôt et placement du Québec (CDPQ) — will be acquired for $34 in cash per share, according to the release.

Each of the rollover shareholders will sell all their shares to the purchaser in exchange for a combination of cash and shares in the capital of the purchaser or an affiliate, the release said.

Following the completion of this arrangement, Fayer, Novacap and CDPQ are expected to hold or control about 24%, 18% and 12%, respectively, of the common equity in the resulting private company, per the release.

Nuvei announced on April 1 that it was set to become a private company in a $6.3 billion deal with Advent International.

Fayer said at the time in a press release that the transaction “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. “Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

Nuvei offered two things that would seemingly appeal to an acquirer: a broad-based exposure to some of the key shifts within payments and significant top-line momentum, PYMNTS reported April 2.

In the company’s earnings results released March 5, Nuvei reported that in the fourth quarter, global commerce revenue increased 12% year over year; B2B, government and independent software vendors revenue increased 19% year over year; and small- to medium-sized business-related revenues gained 2%.

As detailed in a May 14 proxy filing, Nuvei advised shareholders to vote for the go-private deal, saying the agreement is “in the best interests of the company … and represents an increase of approximately 42% from the consideration initially proposed by Advent.”