On April 1, 2024, Nuvei, a global leader in payments, announced it had entered into an agreement with Advent, a Boston-based private equity firm, for an all-cash take-private acquisition valued at US$6.3 billion, with the support of each holder of multiple voting shares, being Philip Fayer, founder and CEO of Nuvei, certain investment funds managed by Novacap and CDPQ.
Advent acquired all the issued and outstanding subordinate voting shares and the multiple voting shares other than the shares rolled, for a price of US$34.00 per share.
Philip Fayer, Novacap and CDPQ have agreed to roll approximately 95%, 65% and 75%, respectively, of their shares and are expected to receive in aggregate approximately US$560 million in cash for the shares sold on closing. Philip Fayer, Novacap and CDPQ are expected to indirectly own or control approximately 24%, 18% and 12%, respectively, of the equity in the resulting private company.
As a result of the completion of the arrangement, the subordinate voting shares will be de-listed from the Toronto Stock Exchange and from the Nasdaq.
Fasken advised Novacap, a leading North American private equity firm, with a team composed of Michel Boislard, Marie-Josée Neveu, Monica Dingle, Kiran Singh, Ralph Aziz, Damien Hallé-Hannan (Securities and M&A), Martin Racicot (Banking & Finance) and Antonio Di Domenico (Competition and Antitrust) in connection with the transaction.
Jurisdiction
- Québec
