Canadian payments firm Nuvei Corporation announced that its shareholders have approved a plan to take the company private in a transaction with Advent International.
Under the approved arrangement, Neon Maple Purchaser Inc., an entity controlled by Advent International, will acquire all issued and outstanding shares of Nuvei.
Shareholders not affiliated with major stakeholders such as Philip Fayer, Novacap Management Inc., and Caisse de dépôt et placement du Québec (CDPQ) will receive US$34.00 in cash per share.
These major stakeholders will instead receive a mix of cash and shares in the purchasing entity and are expected to hold a combined 54% of the equity in the new private company.
The buyout deal, valued at approximately US$6.3 billion, is pending the final approval from the Superior Court of Québec, with a hearing scheduled for 20 June 2024.
Completion of the transaction is anticipated in late 2024 or the first quarter of 2025, pending customary closing conditions and regulatory approvals.
According to previous reports, Philip Fayer, Nuvei’s Chair and CEO, will continue leading the company, alongside his broader leadership team, with Montreal continuing to serve as its headquarters.
