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Image Source: Nuvei
Nuvei, the Canadian payments processor championing a range of industries from online retail to sports-betting apps and crypto exchanges, is on the brink of a significant buyout deal.
Spearheaded by celebrity entrepreneur Ryan Reynolds, Nuvei is attracting attention from private-equity firm Advent International, currently engaged in advanced discussions with the company. While the talks hold promise, there’s still a chance they might falter before reaching a final agreement.
With Nuvei’s market capitalization hovering around 4.1 billion Canadian dollars (USD 3 bn), any potential deal would mark a notable transaction in the realm of private equity, particularly amid subdued activity influenced by factors like rising interest rates.
Headquartered in Montreal, Nuvei’s technology serves as a pivotal conduit for various businesses, facilitating seamless transactions across different payment methods. Reynolds’ undisclosed investment in Nuvei approximately a year ago further underscores the company’s appeal, aligning with his diverse portfolio which includes ventures like American Aviation Gin and Wrexham Football Club.
In recent times, Nuvei made headlines with its USD 1.3 billion acquisition of Atlanta-based payment platform Paya Holdings. However, this move wasn’t without scrutiny, notably from short seller Spruce Point Capital Management, which raised concerns about the rationale behind the acquisition, contributing to fluctuations in Nuvei’s stock performance since its peak in 2021.
Founded by Philip Fayer, who serves as chairman and chief executive, Nuvei stands as a testament to entrepreneurial vision and market disruption. As Wall Street anticipates a potential resurgence in private equity activity in 2024 following a lackluster 2023, Advent International’s interest in Nuvei signals ongoing strategic maneuvering within the investment landscape. This sentiment is echoed by Advent’s recent divestment from Sovos Brands, a notable move in the private equity space, with a roughly USD 2.7 billion deal with Campbell Soup.
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