Payments Dive
Nuvei, a Montreal-based payments services company, said Sunday it’s reviewing a transaction proposal from a third party and has formed a special board committee to consider “strategic alternatives.”
The “potential transaction” being reviewed would include ongoing ownership by major shareholders, including the company’s CEO, Phil Fayer, who is also Nuvei’s chair and founder.
Boston-based private equity firm Advent International is in “advanced talks with Nuvei” about a transaction, the Wall Street Journal reported Saturday, citing unnamed sources. The paper also noted that movie star Ryan Reynolds is an investor in Nuvei. A spokesperson for Advent declined comment.
Nuvei “confirms that, in connection with expressions of interest received by the Company, the board of directors of the Company formed a special committee of independent directors” to consider its options, Nuvei said in a Sunday press release. “The Special Committee is continuing its evaluation of the proposals received to date and the strategic alternatives available to the Company, and no decision has been made at this time whether to pursue a transaction or maintain the status quo.”
Nuvei said in the release that it would decline to comment beyond that statement, also noting that “it has not entered into any agreements or understandings to effect a privatization or similar transaction,” and there it gave no assurances it will do so.
The fintech enables merchants to accept a variety of payment types, from cards to crypto. It also offers payout options, card-issuing services, and fraud prevention tools. Last year, it expanded its services by buying the Atlanta-based payments company Paya for $1.3 billion, adding integrated payments for business-to-business, healthcare, nonprofit and education verticals.
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