Canadian fintech firm Nuvei has secured all required regulatory approvals for its previously announced $6.3bn go-private transaction with US-based private equity investor Advent International.
Nasdaq and the Toronto Stock Exchange-listed firm signed the definitive arrangement agreement with Advent International in April this year.
Under the terms of the deal, Advent International will acquire all the issued and outstanding subordinate voting shares of Nuvei and any multiple voting shares that are not rollover shares for a price of $34 per share in cash.
The consideration represented about a 56% premium to the closing price of the subordinate voting shares on the Nasdaq on 15 March 2024 and a premium of nearly 48% to the then 90-day volume-weighted average trading price.
Nuvei’s Canadian shareholders Philip Fayer, certain investment funds managed by Novacap Management and Caisse de dépôt et placement du Québec (CDPQ) will roll around 95%, 65% and 75%, respectively, of their shares for $560m in cash.
Upon the completion of the transaction, Philip Fayer, Novacap, and CDPQ are expected to indirectly own or control about 24%, 18% and 12%, respectively, of the equity in the newly formed private company.
Following the closing of the deal, Nuvei’s shares will be delisted from each of the Toronto Stock Exchange and the Nasdaq.
Nuvei will also stop being a reporting issuer in all applicable Canadian jurisdictions and will deregister shares with the US Securities and Exchange Commission (SEC), upon the closing of the transaction.
The go-private transaction received approval from Nuvei’s shareholders during a special meeting held in June 2024. The publicly listed company’s subordinate voting and multiple voting shareholders cast 99.24% votes.
Subject to the remaining closing conditions, the company anticipates completing the transaction by this week.
Earlier this year, Nuvei introduced its first integration with Microsoft Dynamics 365 Business Central, an enterprise resource planning solution tailored for small and medium-sized businesses.
