Payments

Deadpool Actor-Backed Nuvei in Advanced Talks for Acquisition Deal

Private equity firm Advent International is engaged in advanced discussions to acquire Nuvei, a Canadian payments technology company, according to a source familiar with the matter.

Nuvei, a processor of business transactions, made its public debut with a US$700 million initial offering in September 2020 – the largest technology IPO on the Toronto Stock Exchange at that time.

The company facilitates payments for clients like General Motors, Microsoft, and Shein, operating in over 200 markets worldwide.

Shares of Nuvei have declined on both the Toronto and Nasdaq exchanges since the company’s US$1.3 billion acquisition of Paya Holdings last year.

Criticism from short-seller Spruce Point Capital Management, which alleged the acquisition was detrimental to Nuvei, further contributed to the share price decline.

The purchase of Nuvei, which has a market capitalisation exceeding US$3 billion, would be a sizable take-private transaction in a currently subdued environment for private equity deals.

The deal, should it materialise, could be announced soon, said the source, speaking on the condition of anonymity due to the confidential nature of the talks.

If successful, this acquisition would be the second in the last year for a company backed by Hollywood’s Ryan Reynolds. In March of last year, T-Mobile acquired Mint Mobile, the budget wireless provider owned by Reynolds, for approximately US$1.35 billion.

The source cautioned to Reuters that the negotiations could still break down without an agreement. Terms of the potential acquisition were not disclosed.

Advent International declined to comment on the matter. Nuvei did not immediately respond to a Reuters request for comment.

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