01:25 PM EDT, 04/01/2024 (MT Newswires) -- (Adds details in the second, third, fourth and fifth paragraphs and stock movement in the final paragraph)

Nuvei ( NVEI ) said Monday it has agreed to be taken private by Advent International via an all-cash transaction valuing Nuvei ( NVEI ) at about $6.3 billion.

Under the terms of the deal, Advent will acquire all issued and outstanding subordinate voting shares of Nuvei ( NVEI ) and any multiple voting shares that are not rollover shares at $34 each. The transaction is subject to shareholder approvals.

Shareholders Philip Fayer, Novacap and CDPQ have agreed to roll around 95%, 65% and 75%, respectively, of their shares for approximately $560 million. The three will indirectly own about 24%, 18% and 12% stakes, respectively, in the private company.

Nuvei ( NVEI ) would pay a termination fee of $150 million under certain circumstances, including accepting a better offer. If the transaction fails to go through under certain conditions, Nuvei ( NVEI ) would receive a reverse termination fee of $250 million.

Nuvei ( NVEI ) shares were up 2% in recent trading.

Price: 32.21, Change: +0.59, Percent Change: +2.04