Texas-based payments solution firm Nuvei has agreed to buy British payment technology company SafeCharge International Group in an all-cash deal valued at $889 million.
The firms declared that shareholders of SafeCharge would receive $5.55 of cash for each share.
Philip Fayer, chairman and CEO, Nuvei spoke of his excitement over the deal and claimed that the combination of the two firms will create a “truly global, leading, payments technology solution provider with significant scale.”
He said: “Our businesses are highly complementary from multiple perspectives including geography, technology, key verticals and customers. We think the technology platform SafeCharge has developed is exceptional and will serve as the go-forward foundation from which we will continue to grow the combined business and provide best-in-class products and services to our customers and partners.
“Lastly, we look forward to welcoming SafeCharge’s highly experienced management team and employees to the Nuvei family.”
SafeCharge’s Payments Engine has been developed to further support online businesses to manage omnichannel payments.
The purchase provides Nuvei access to SafeCharge’s technology platform and its European presence.
Nuvei – based in Plano, Texas – was previously known as Pivotal Payments, but later changed its name in 2018.
David Avgi, CEO, SafeCharge commented: “SafeCharge is the payment technology partner for the world’s most demanding businesses. Nuvei is one of the leading providers of technology-driven payment solutions to merchants and technology and distribution partners, primarily in the United States and Canada.
“Both companies have built strong positions in the payment sector in their respective markets, with minimal geographic, customer or industry overlap.”
Avgi continued to explain that the agreement should benefit SafeCharge to “fulfil and accelerate its growth ambitions” over in North America.
He concluded: “The board believes that our businesses have similar shared entrepreneurial cultures and is confident that Nuvei’s plans to invest in and grow the SafeCharge business mean the proposed transaction is positive for SafeCharge and its stakeholders as a whole.”
This acts as another signal of trend and a possible sign of things to come following a record-breaking deal by US firm FIS to buy Worldpay earlier this year.
Credit Suisse and Shore Capital were acting as financial advisers for Nuvei and SafeCharge, respectively.