The Nuvie Corp. logo is shown in an undated handout. THE CANADIAN PRESS/HO-Nuvei/ROY
MONTREAL - Nuvei Corp. shareholders have overwhelmingly approved a proposal for the company to be acquired by a U.S. private equity firm, valuing it at US$6.3 billion.
The company reported that 99.24 per cent of votes cast were in favour of the deal, which will see shareholders receive US$34 per share in cash.
The buyout plan for the Montreal-based payment technology firm was introduced by Advent International in collaboration with existing shareholders Novacap, CDPQ, and Nuvei's chairman and CEO, Philip Fayer, in April. As part of the agreement, Fayer will continue in his role as CEO and chairman, and the company will maintain its headquarters in Montreal.
The proposal received endorsements from major independent proxy advisory firms Glass Lewis and Institutional Shareholder Services, who recommended shareholders approve the offer.
Nuvei still needs to secure a court order for the transaction, but the company anticipates the deal will be finalized later this year or by the first quarter of 2025.
Nuvei made headlines in 2020 when it went public, raising US$833 million and setting a record for the largest tech IPO on the Toronto Stock Exchange. In 2023, Canadian actor Ryan Reynolds also made news by investing in the company.
