(Bloomberg) – Advent International has agreed to buy Canadian payments processor Nuvei Corporation for $6.3 billion, including debt, in yet another sign that confidence is returning among private equity players. It became a sign.
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The acquiring company agreed to pay Nuvay $34 per share in cash, according to a statement Monday. Bloomberg News earlier reported that an announcement of the deal was nearing.
“This transaction marks the beginning of an exciting new chapter for Nuvei. We are pleased to partner with Advent to continue delivering for our customers and employees and capitalize on the significant opportunities this investment presents. ” said Philip Feyer, CEO of Nuvei. said in a statement.
Nuvei stock has risen more than 16% since March 18 after the Wall Street Journal reported that the company was in preliminary talks with Advent. The stock had fallen 47% in the prior 12 months. Nuvei's market value is approximately $4.6 billion.
Backed by Canadian actor Ryan Reynolds, Nuvei provides deposit and withdrawal services for companies such as Virgin Atlantic, fashion retailer Shein Group, and sports betting companies DraftKings and BetMGM, according to its website. Partnering with brands.
Feyer, Novacap Management, and CDPQ will assume majority ownership of the company as it goes private, the statement said.
Private equity buyouts of North American companies rose nearly 7% this year to about $44 billion, according to data compiled by Bloomberg. This compares to a 38% increase in broader M&A targeting the region.
(Updates line about ownership rollover in penultimate paragraph)
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