Advent in Advanced Talks to Buy Ryan Reynolds-Backed Nuvei
(Bloomberg) -- Advent International agreed to buy Canadian payments processor Nuvei Corp. for $6.3 billion, including debt, in a further sign that confidence is returning among private equity dealmakers.
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The buyout firm agreed to pay $34 per share in cash for Nuvei, according to a statement Monday. Bloomberg News reported earlier that a deal was close to being announced.
“This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides,” Philip Fayer, Nuvei’s chief executive officer, said in a statement.
Shares in Nuvei have risen more than 16% since March 18 after The Wall Street Journal reported the company was in advanced talks with Advent. The stock had been down 47% over the 12 months up to that point. Nuvei has a market value of about $4.6 billion.
Backed by Canadian actor Ryan Reynolds, Nuvei provides pay-in and pay-out services and partners with brands including Virgin Atlantic Airways Ltd., fashion retailer Shein Group Ltd. and sports betting firms DraftKings Inc. and BetMGM, according to its website.
Fayer, Novacap Management Inc. and CDPQ will roll over a majority of their ownership interest in the company as it goes private, the statement shows
The value of private equity buyouts targeting companies in North America is up almost 7% this year to about $44 billion, data compiled by Bloomberg show. That compares with an increase of 38% for broader M&A targeting the region.
(Updates with line on ownership roll over in second to last paragraph)
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