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Payments company Nuvei has been given the greenlight to go private by the US Securities and Exchange Commissions (SEC).
Mere hours separate the company from going public to private, with the announcement confirming that the transition will happen “on or about” 15 November, with the addition of some closing conditions.
The purchasing company is NYC private equity firm Advent International, which finalised the terms around buying Quebec-based Nuvei back in April for a total of $6.4bn, or £34 per share.
Receiving the SEC’s approval will eventually lead to Nuvei’s delisting from the Toronto Stock Exchange (TSE) and the NY Nasdaq.
Nuvei Founder and CEO, Philip Fayer, will keep his leadership role even after the company’s new chapter under Advent International’s ownership. Shareholder approval was received on 18 June, while the Quebec Supreme Court accepted on 20 June.
Under its new ownership change, according to details released in April, Advent will hold a majority share in the company of 42%. The remaining shares will be split between Fayer (28% ) and Novacap Management (18%) and CDPG (12%).
Since being founded by Fayer in 2003, Nuvei has risen to become one of North America’s most precious payments companies and a staple of Canada’s fintech capabilities.
The firm has also worked closely with the gambling sector throughout the years, an example of this being the partnership with evoke (formerly 888Holdings) which targeted US growth through Nuvei’s payment services.
Nuvei going private was also preceded by a long list of successful acquisitions. In 2017 it acquired Canadian payments service provider SafeChange, followed by payments technology firm SmartPay and processing firm Base Commerce in 2020, payment provider Mazooma and Latin America-focused Paymentez in 2021, American payments processor Paya in 2023 and Brazilian payments institution Pay2All in August this year.
