Nuvei Corporation set to acquire Mazooma Technical Services
Nuvei has entered into a definitive agreement to acquire US brand Mazooma.
The payment processing company will acquire Mazooma for around $56m plus an additional consideration which is set at a total of approximately $315m.
The consideration is subject to performance-based criteria, which will be judged over a maximum three-year period from the closing date.
It is believed that 24% of this consideration will be paid through the issuance of subordinate voting shares and the remainder will be paid by cash.
Nuvei’s chair and CEO, Philip Fayer, said: “Mazooma will enhance and expand Nuvei’s portfolio of alternative payment methods with a leading ACH platform, with both pay-in and pay-out functionality, developed and used exclusively for online gaming in the US.
“Additionally, this acquisition will not only give Nuvei the necessary product functionality, but also the vendor registration, compliance, and operational infrastructure to address merchant’s requirements in any regulated US. state. This acquisition will truly solidify our commitment to, and presence in, the US online gaming and sports betting industry.”
All that remains is for the deal to be approved by the Toronto Stock Exchange and for closing conditions to be met; it is expected to be completed by the second quarter of 2021.
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