Nuvei Corporation, a renowned Canadian fintech company, has successfully transitioned to a private entity following the completion of its Plan of Arrangement under the Canada Business Corporations Act. The acquisition was executed by Neon Maple Purchaser Inc., an entity formed by Advent International, which now directly or indirectly owns all of Nuvei’s issued subordinate and multiple voting shares. This significant milestone was achieved at a per-share transaction value of US$34.00.
As part of this transformative move, key shareholders including Philip Fayer, Novacap Management Inc., and Caisse de dépôt et placement du Québec (CDPQ) exchanged their holdings for a combination of cash and equity in the newly formed private entity. This restructuring aligns with Nuvei’s commitment to reinforcing its strategic direction under the leadership of its founder and CEO, Philip Fayer, who remains a principal shareholder and continues as the company’s Chair and CEO.
Philip Fayer expressed enthusiasm about this new phase, emphasizing the company’s dedication to its long-term growth strategy and customer value creation plans. He highlighted the importance of partnering with Advent, alongside existing investors Novacap and CDPQ, to drive the company’s growth through innovative financial solutions.
This privatization positions Nuvei favorably for future expansion, allowing it to focus on implementing its Value Creation Plan, which aims to optimize operations and seize growth opportunities. Advent International’s involvement introduces additional investment potential to support Nuvei’s ventures globally.
The transition to a private company also involves delisting Nuvei’s shares from the Toronto Stock Exchange and Nasdaq Global Select Market, alongside deregistering under the U.S. Securities Exchange Act. This strategic withdrawal from public markets is set to refine Nuvei’s focus on long-term strategic goals, free from the immediate pressures of public market performance.
David Lewin of Novacap expressed confidence in Nuvei’s future, citing its track record of innovation and partnership as a driver for sustained growth across key verticals. Similarly, Kim Thomassin of CDPQ reaffirmed support for Nuvei’s ambition to scale its global footprint.
With the completion of this transaction, Nuvei is poised to advance its mission, leveraging its fintech capabilities to drive success for its clients worldwide.
