Canadian payment processing company Nuvei is set to be acquired and taken private by US-based private equity investor Advent International, in a deal that values Nuvei at around $6.3bn.

Advent will be supported by the holders of each company’s multiple voting shares, Philip Fayer, funds managed by Novacap Management and CDPQ.

The holders of the multiple voting shares collectively represent around 92% of the voting power.

Under the terms of the deal, Advent will buy all the issued and outstanding subordinate voting shares of Nuvei and any multiple voting shares that are not rollover shares, at $34 per share.

The transaction is expected to close in late 2024 or the first quarter of 2025, subject to court approval and customary closing conditions, including receipt of key regulatory approvals.

Upon closing, Nuvei shares will be delisted from the Toronto Stock Exchange and the Nasdaq, along with the US Securities and Exchange Commission (SEC).

Philip Fayer will continue as Nuvei’s CEO and chairman and its current leadership team will also continue after closing of the transaction.

Fayer said: “This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides.

“Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people. Bringing in a partner with such extensive experience in the payments sector will continue to support our development.”

Nuvei offers a modular, flexible, and scalable solution that allows companies to accept payments, offer payout options, card issuing, banking, risk, and fraud prevention.

The company operates in more than 200 markets across the globe, with local acquiring in 50 markets and connectivity to 680 local and alternative payment methods.

According to the company’s 2023 annual financial statements, it had processed more than $200bn in total volume, and $1.2bn in revenue.

Nuvei is expected to benefit from the significant resources, operational, sector expertise and investment capacity of Advent, which is also a longstanding investor in the payments space.

Novacap senior partner David Lewin said: “As an existing and long-term shareholder, we continue to stand behind management’s proven dedication to innovation, efficiency, and market adaptation, which has consistently propelled Nuvei forward.

“With our continued support, we entrust management to navigate the evolving landscape adeptly, driving expansion, and delivering on our shared commitment to long-term growth for Nuvei employees and customers.”

Advent managing director Bo Huang said: “Nuvei has created a differentiated global payments platform with an innovative product offering that serves attractive payments end markets like global eCommerce, B2B and embedded payments.

“Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space.”