The Acquisition of Nuvei: A Look at the Deal Backed by Ryan Reynolds
Introduction
Canadian payment processing company Nuvei, backed by actor and investor Ryan Reynolds, is set to be acquired and taken private by private equity firm Advent International. The deal, announced on Monday, values Nuvei at $6.3 billion and will result in shareholders receiving $34 per share, representing a 5% premium above the company’s closing price on Monday.
Ryan Reynolds’ Investment in Nuvei
Ryan Reynolds made headlines in April 2023 when he announced that he had invested in Nuvei, acquiring an undisclosed stake in the company. This investment came shortly after Reynolds’ successful venture with Mint Mobile, which was sold to T-Mobile for approximately $1.35 billion. Reynolds expressed his confidence in Nuvei, praising the company’s leadership team and its potential for success in the fintech industry.
The Deal Details
Nuvei founder Philip Fayer has expressed his support for the acquisition, stating that he will continue in his role as CEO once the deal is finalized. Fayer will own about 24% of the newly private company, which will remain based in Montreal. The transaction is expected to close later this year or in early 2025, pending regulatory approval.
Nuvei’s Financial Performance
In its most recent quarterly earnings report, Nuvei revealed that it processed over $200 billion in payments in 2023 and generated approximately $1.2 billion in revenue. The company’s stock has experienced a surge since news of the acquisition surfaced, closing 2.5% higher on Monday at $32.41.
Conclusion
The acquisition of Nuvei by Advent International marks a significant milestone for the Canadian payment processing company. With the support of Ryan Reynolds and a strong leadership team, Nuvei is poised for continued growth and success in the fintech industry. The deal underscores the confidence that investors have in Nuvei’s business model and future prospects.
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