Ryan Reynolds' Nuvei set for $6.3bn private equity leap

Nuvei embraces a monumental privatization, championed by Advent International

Ryan Reynolds' Nuvei set for $6.3bn private equity leap

Nuvei Corporation, a technology provider in the global payments industry, with Ryan Reynolds among its investors, announced its entry into a definitive arrangement agreement to transition into a private entity through an acquisition by Advent International.

Valued at an enterprise value of approximately US$6.3bn, the transaction garners support from key shareholders Philip Fayer, Novacap Management Inc., and CDPQ, with Montreal remaining the company's base.

Specializing in accelerating growth across the global payments sector, Nuvei offers a modular, scalable solution supporting a wide range of payment methods, banking services, and risk management.

The company, boasting operations in over 200 markets and processing capabilities for 680 local and alternative payment methods, recently reported processing over US$200bnin total volume and achieving US$1.2bn in revenue.

Advent International, an investor in the payment space, will acquire all outstanding subordinate voting shares and multiple voting shares not classified as Rollover Shares at US$34.00 per share.

This acquisition price reflects a significant premium, evidencing the robust confidence in Nuvei's growth potential.

Philip Fayer, Nuvei's chair and chief executive officer, emphasized the transaction as the start of an exciting new chapter, with the partnership expected to continue delivering significant value for customers and employees.

Advent's operational and sector expertise is poised to further Nuvei's development, enhancing its global payments platform and innovative product offerings.

The transaction, endorsed unanimously by Nuvei's Board of Directors and a special independent committee, is slated for completion in late 2024 or early 2025, pending shareholder and regulatory approvals.

It is anticipated that this move will delist Nuvei from the Toronto Stock Exchange and Nasdaq, marking its transition to a private corporation while maintaining its strong commitment to innovation and market adaptability.