(Montreal) Nuvei shareholders voted for a privatization plan and takeover by an American private equity company.
The proposal for the Montreal-based payments technology company was presented by Advent International, alongside existing shareholders Novacap, Caisse de dépôt et placement du Québec (CDPQ) and Philip Fayer, CEO of Nuvei, 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 indicated that 99.24% of people who voted were in favor of the agreement.
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 subsequently attracted the attention of Canadian actor Ryan Reynolds, who took a stake in the company in 2023.