03:56 PM EDT, 04/01/2024 (MT Newswires) -- Nuvei ( NVEI ) announced a deal to be taken private by Advent International in an all-cash transaction that values the payments company at $6.3 billion.

The per-share cash consideration of $34 represents a premium of roughly 56% over Nuvei's ( NVEI ) unaffected closing stock price on March 15, Nuvei ( NVEI ) said Monday. The deal is expected to close in late 2024 or the first quarter of 2025 pending customary closing conditions and regulatory approvals. Shares of Nuvei ( NVEI ) rose 2.2% in late afternoon trade.

Existing major shareholders, including Nuvei ( NVEI ) Chief Executive Philip Fayer, Novacap Management, and CDPQ, which collectively represent roughly 92% of the Nuvei ( NVEI ) voting power, have agreed to roll over about 95%, 65% and 75% of their respective shares.

Fayer, who will continue to serve as CEO, will indirectly own or control about 24% of the private company's remaining equity. Novacap and CDPQ will own 18% and 12%, respectively. They will receive a combined $560 million in cash at closing for the shares they sold.

"This transaction marks the beginning of an exciting new chapter for Nuvei ( NVEI ), 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," Fayer said in a joint statement.

"Bringing in a partner with such extensive experience in the payments sector will continue to support our development," he said. Advent has made numerous investments in the payments space and can provide significant resources and sector expertise, the companies said.

"Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei ( NVEI ) as it continues to scale from its base in Canada as a global player in the space," Advent Managing Director Bo Huang said.

Nuvei ( NVEI ) last month reported virtually in-line revenue growth of 41% to $1.19 billion for 2023 on total volume of $203 billion, up 59% year over year. Its adjusted earnings per share fell 9% to $1.69, though analysts were expecting a bigger decline, Capital IQ data showed. In addition to Fayer, much of the company's leadership team is expected to stay intact.

Price: 32.30, Change: +0.67, Percent Change: +2.13