Nuvei

Montreal-based fintech Nuvei has officially gone private in a $6 billion all-cash deal led by Advent International, Novacap, and CDPQ. Reporting a 17% revenue jump in its final public earnings, CEO Philip Fayer emphasized Nuvei’s profitability and global reach, spanning 150 countries with nearly 700 payment methods.

Fayer, who remains CEO, highlighted plans to implement a Value Creation Plan focused on operational optimization and accelerated growth. David Lewin of Novacap praised Nuvei’s long-term growth potential as the company enters a new expansion phase. Founded in 2003, Nuvei aims to deepen customer partnerships and advance globally.

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Montreal-based payments processor Nuvei has joined forces with prominent cryptocurrency firms to support the Global Dollar (USDG), a new stablecoin issued by Paxos in Singapore. Backed by the Caisse de dépôt et placement du Québec and actor Ryan Reynolds, Nuvei will earn yield from a portion of USDG’s reserve assets.

Other supporters include Galaxy Digital, Kraken, Robinhood, Anchorage Digital, and Bullish. Stablecoins, typically pegged to the U.S. dollar, are under global regulatory scrutiny, including by the Ontario Securities Commission. USDG is promoted as a safe, compliant option, with participants earning income by fostering its adoption.

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Montréal-based Nuvei Corporation is set for a major shift, entering an agreement with American private equity firm Advent International for a buyout that will privatize the company. Valued at USD $6.3 billion, this deal represents a growing trend of Canadian tech firms transitioning from public to private entities.

Advent’s offer of $34 per share is a significant premium over Nuvei’s recent Nasdaq closing price. Pending approvals, the transaction is slated for late 2024 or early 2025. Nuvei’s CEO Philip Fayer will continue to lead, maintaining its Montréal headquarters. This transition, fueled by Advent’s FinTech expertise, marks a new chapter for Nuvei in the global payments sector.

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Nuvei, a leading Canadian fintech, has responded to speculations about going private. The company confirmed that a special committee of independent directors is exploring strategic alternatives, including potential privatization. This announcement spurred a 30% surge in Nuvei’s stock price.

Although discussions with third parties are ongoing, no agreement has been reached. The Special Committee continues evaluating proposals and strategic options.

Meanwhile, Nuvei has been advancing its fintech offerings, recently launching a tokenization technology for enhanced payment security. Trading on the Toronto Stock Exchange, Nuvei supports 150 currencies and 680 alternative payment methods, underlining its significant role in global fintech.

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