Nuvei has confirmed an agreement for the acquisition of Paya Holdings, which provides integrated payment and commerce solutions for North American merchants.
The deal strengthens the continued growth of Nuvei, as the firm evolves its offering and ‘amplifies its growth strategy’, whilst also enhancing Nuvei’s ability to execute on ‘high-growth integrated payment opportunities’.
Philip Fayer, Nuvei’s Chair and Chief Executive Officer, commented: “The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, integrated payments and business-to-business.
“The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets, and enhance the execution of our growth plan.”
The deal will be an all-cash transaction at USD $9.75 per share, for total consideration of approximately $1.3 billion.
“We are pleased to have reached this transaction with Nuvei, which is a testament to the incredible talent at Paya, and will deliver immediate and significant cash value to Paya shareholders,” added Jeff Hack, Paya’s Chief Executive Officer.
“We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable end-markets, and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”
The deal also enables Nuvei to deepen its footprint in the US, tapping into the rapid rise of integrated payments within the market, an area in which Paya has thrived in recent years.
Furthermore, Nuveil underlined the deal can broaden strong ISV and eCommerce capabilities to enter new markets and emerging markets, as it maximises the offering of Paya.