Agreement will hand shareholders US$34 per share in cash
Author of the article:
The Canadian Press
Published Jun 18, 2024 • Last updated Jun 19, 2024 • 1 minute read
MONTREAL — Nuvei Corp. shareholders have voted overwhelmingly in favour of a plan that will see the company bought by an American private-equity firm and taken private at a US$6.3-billion valuation.
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The company said 99.24 per cent of those who voted were in favour of the deal that will pay them US$34 per share in cash.
The proposal for the Montreal-based payment technology firm was put forward by Advent International Corp., alongside existing shareholders Novacap Management Inc., Caisse de dépôt et placement du Québec and Nuvei chair and chief executive Philip Fayer in April. Under the deal, Fayer will remain in his positions and Nuvei will continue to be based in Montreal.
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Leading independent proxy advisory firms Glass Lewis & Co. and Institutional Shareholder Services Inc. previously recommended shareholders vote in favour of the offer.
Nuvei still needs to obtain a court order for the transaction to move forward, but expects the deal to close later this year or during the first quarter of 2025.
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Nuvei went public in 2020 and raised US$833 million, shattering the Toronto Stock Exchange’s record for a tech initial public offering. It later caught the attention of Canadian actor Ryan Reynolds, who took a stake in the business in 2023.
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