Shareholders of Canadian payment platform Nuvei have approved a plan for the company’s acquisition by US private equity firm Advent International, valuing the deal at $6.3bn.
In a vote, 99.24% of participating shareholders endorsed the proposal, which will see them receive $34 per share in cash.
The proposal, initiated by Advent International with existing shareholders Novacap, CDPQ, and Nuvei chair and CEO Philip Fayer, was presented in April.
As part of the deal, which is expected to close either later this year or in Q1 2025, Fayer will retain his roles and Nuvei will continue to operate from its Montreal headquarters.
Glass Lewis and Institutional Shareholder Services had previously advised shareholders on the offer.
Nuvei made headlines when it went public in 2020, raising $833m and setting a new record for a tech IPO on the Toronto Stock Exchange. The company also attracted the attention of Canadian actor Ryan Reynolds, who invested in the business in 2023.
