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Canadian payments processor Nuvei to evaluate offers to go private
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Canadian payments processor Nuvei to evaluate offers to go private
Mar 17, 2024 9:22 PM

March 17 (Reuters) - Canadian payments technology

company Nuvei ( NVEI ) said on Sunday it was evaluating

proposals that would take the company private, after reports

said that private equity firm Advent International was in

advanced talks to buy the company.

Nuvei ( NVEI ), which has received financial backing from actor Ryan

Reynolds, said its board has formed a special committee to

evaluate "expressions of interest" in the company, including a

going-private deal, and any other strategic alternatives.

The Wall Street Journal first reported about Advent's talks

with Nuvei ( NVEI ) on Saturday. Reuters confirmed the news later, citing

a source familiar with the matter.

Nuvei ( NVEI ) did not give any details about the offers it has

received.

The company said it has engaged in discussions with third

parties for a potential transaction involving continued

significant ownership by certain holders of multiple voting

shares, including founder and CEO Phil Fayer.

Nuvei ( NVEI ) said it has not entered into any agreements or

understandings to effect a privatization deal, and has not

decided at this time whether to pursue one.

Both Toronto- and New York-listed shares of Nuvei ( NVEI ) have

fallen since the company acquired Paya Holdings for $1.3 billion

last year. In April last year, short seller Spruce Point

unveiled a short position in Nuvei ( NVEI ), alleging the acquisition was

dragging its business.

Two months later, Spruce Point said it was no longer holding

a short position after Nuvei's ( NVEI ) stock price had fallen to its

target range.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Dhanya

Ann Thoppil and Mrigank Dhaniwala)

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