Nuvei shareholders approve US$6.3-billion private equity buyout
financialpost.comMONTREAL — Nuvei Corp. shareholders have voted in favour of a plan that will see the company bought by an American private equity firm and taken private.
The proposal for the Montreal-based payment technology firm was put forward by Advent International, alongside existing shareholders Novacap, CDPQ and Nuvei chair and chief executive Philip Fayer in April.
The agreement values Nuvei at US$6.3 billion and will hand shareholders US$34 per share in cash. Under the deal, Fayer will remain CEO and chair and Nuvei will continue to be based in Montreal.
Leading independent proxy advisory firms Glass Lewis and Institutional Shareholder Services previously recommended shareholders vote in favour of the offer.
Nuvei still needs to obtain a court order for the transaction to move forward but expects the deal to close later this year or during the first quarter of 2025.
When Nuvei went public in 2020, it raised US$833 million, shattering the Toronto Stock Exchange’s record for a tech IPO. It later caught the attention of Canadian actor Ryan Reynolds, who took a stake in the business in 2023.
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