Finance

Advent in advanced talks to acquire 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 of returning confidence 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 earlier reported that a deal was imminent.

Philip Fayer, chief executive of Nuvei, said: “This transaction marks the beginning of an exciting new chapter for Nuvei and we are delighted to partner with Advent to continue to serve our customers and employees and capitalize on the significant opportunities provided by this investment. “, said in a statement.

Nuvei’s shares have risen more than 16% since the Wall Street Journal reported on March 18 that the company was in advanced talks with Advent. The stock has fallen 47% in the 12 months to that date. Nuvei has a market capitalization of approximately $4.6 billion.

Backed by Canadian actor Ryan Reynolds, Nuvei provides collections and payments services and works with brands including Virgin Atlantic Airways Ltd., fashion retailer Shein Group Ltd. and sportsbooks DraftKings Inc. and BetMGM, according to its website .

Fayer, Novacap Management Inc. and CDPQ will roll over most of their stakes in the company as it takes private, statement shows

The value of private equity buyouts of North American companies has grown nearly 7% this year to about $44 billion, while broader mergers and acquisitions in the region have increased 38%, according to data compiled by Bloomberg.

(Updated ownership scroll line in penultimate paragraph)

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