Nuvei confirms Paya Holdings acquisition

The Canadian fintech company, Nuvei, announced a new acquisition that will boost its global presence. On Monday, the company revealed it entered into a definitive agreement to acquire the leading provider of integrated payment and commerce solutions in the US, Paya Holdings Inc.

The acquisition represents a unique opportunity for Nuvei, which will be able to leverage Paya's software integrations and capitalize on new markets. This, in turn, will deliver new growth opportunities for Nuvei and help by boosting the company's global presence.

At the same time, Nuvei will benefit from diversifying its business and tapping into emerging markets. Thanks to Paya's business relations with "key non-cyclical verticals," Nuvei will access new B2B markets within different verticals such as non-profit and education, as well as government and healthcare.

Another key benefit from the transaction is that Nuvei will leverage a larger and continuously growing B2B portfolio. Additionally, the company is expected to benefit from financial growth and boost its long-term expansion strategy.

According to a statement released by Nuvei on January 9, 2023, Nuvei will acquire Paya in an all-cash transaction. The price per share is $9.75, meaning that the total consideration for the complete acquisition has a price tag of $1.3 billion. According to Nuvei, the transaction is expected to be closed by the end of the first quarter of this year.

Jeff Hack, Paya's Chief Executive Officer, said that the company is excited to come to an agreement with Nuvei for the transaction. What's more, he pointed out that the acquisition reaffirms the efforts of the company's talented team and at the same time delivers "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 end-markets, and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions," said Hack in conclusion.

Philip Fayer, Nuvei's Chair and Chief Executive Officer, was also excited about the announcement. He added: "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."

Moreover, Fayer deemed the transaction as the perfect fit, considering it joins two "people-first, technology-led, high-growth payment platforms." Finally, he predicted that the acquisition will help diversify and boost Nuvei's strategy while helping the company gain access to "non-cyclical verticals" which represent unique growth opportunities.

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