(Montreal) Nuvei shareholders have voted for a plan to privatize and buy it out by a U.S. private equity firm.
The proposal for the Montreal-based payments technology company was submitted by Advent International, alongside existing shareholders Novacap, Caisse de dépôt et placement du Québec (CDPQ) and Nuvei CEO Philip Fayer, in April.
The deal values Nuvei at US$6.3 billion and will return shareholders US$34 per share in cash. Under the terms of the agreement, Mr. Fayer will remain CEO and Chairman of the Board of Directors and Nuvei’s head office will continue to be in Montreal.
The company said 99.24% of people who voted were in favor of the deal.
Leading independent proxy advisory firms Glass Lewis and Institutional Shareholder Services previously recommended shareholders vote in favor of the offer.
Nuvei must still obtain a court order for the transaction to move forward, but expects the transaction to close later this year or during the first quarter of 2025.
When Nuvei went public in 2020, it raised US$833 million, breaking the Toronto Stock Exchange record for a tech IPO. This then attracted the attention of Canadian actor Ryan Reynolds, who took a stake in the company in 2023.
