In response to media reports, Nuvei has confirmed that it is considering a potential going-private transaction but has also asserted that such an agreement has not been signed.
The payments solutions developer announced to its Nasdaq and TSX investors that expressions of interest had been received and that in response to these interests, a Special Committee of Independent Directors had been established.
This committee has been tasked with working with Nuvei’s financial and legal advisors to evaluate these expressions of interest from third parties. The firm also confirmed that it has been involved in discussions with third parties regarding a potential transaction.
Such a transaction would involve “significant ownership by certain of the holders of multiple voting shares”, which Nuvei noted will include those held by Phil Fayer, Founder, Chair and CEO of the company.
However, the Montreal-headquartered multinational payments firm emphasised to investors that it has “not entered into any agreements or understandings to effect a privatisation or similar transaction, and there can be no assurance that any discussions that have taken place will result in any such agreements or understandings”.
Nuvei’s statement continued: “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.
“Given the nature of the process, the company does not intend on commenting further unless otherwise required pursuant to applicable securities laws and regulations.”
Nuvei is extensively active throughout the North American payments landscape, both in its native Canada but also in the US, as well as further afield.
The company has built up a network of partners across a range of sectors, including gambling; such as via deals with 888, GoldBet and Holland Casino; card issuing, such as through a deal with Curve, and Big Tech, with its most notable agreement in this space being with Microsoft.
