Canadian Fintech company, Nuvei, has entered a definitive agreement with Paya Holdings that will allow Nuvei to purchase Paya for an estimated total consideration of $1.3bn. The company plans to buy Paya in an all-cash transaction at a cost $9.75 per share.
Nuvei noted that gaining Paya assets can boost the company’s digital footprint on a larger global scale. Specifically, potential advantages the company hopes to see include increased integrated payment options, as well as diversified growth across multiple markets.
Nuvei Chair and CEO Philip Fayer described the deal as a key component in the next stage of the company’s development.
He 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.”
Paya is an integrated payment and commerce solutions provider throughout the US. Company CEO Jeff Hack said the company looks forward to its future with Nuvei and spoke about the potential shareholder benefits.
He explained: "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.”
“We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable endmarkets, and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”
