Payments

Nuvei CEO Philip Fayer to Remain at Helm as Company Goes Private

Canadian payments firm Nuvei Corporation is set to go private following a definitive agreement for a buyout by Advent International, a global private equity investor.

Philip Fayer, Nuvei’s Chair and CEO, will continue leading the company, alongside his broader leadership team, with Montreal continuing to serve as Nuvei’s headquarters.

The buyout deal, valued at approximately US$6.3 billion, also sees major participation from Canadian shareholders Philip Fayer, Novacap, and CDPQ, setting the per-share purchase price at US$34.00.

As part of the agreement, these Canadian shareholders will indirectly own or control approximately 24%, 18%, and 12%, respectively, of the equity in the resulting private company.

The acquisition by Advent International, accompanied by substantial investment from existing shareholders, aims to leverage Nuvei’s operational strengths and market presence.

Meanwhile, Advent’s experience and resources in the payments space are expected to bolster Nuvei’s growth and innovation capabilities.

The deal’s closure, expected in late 2024 or early 2025, awaits shareholder and regulatory approvals, promising a new chapter for Nuvei as it aims to enhance its global footprint and service offerings in the payments industry.

Nuvei has facilitating over US$200 billion in transactions and generating US$1.2 billion in revenue in 2023.

Philip Fayer

Fayer said,

“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 capitalise on the significant opportunities that this investment provides.

Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people. Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

Bo Huang

Bo Huang, a Managing Director at Advent said,

“Nuvei has created a differentiated global payments platform with an innovative product offering that serves attractive payments end markets like global eCommerce, B2B and embedded payments.

Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space.”