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Canadian fintech company Nuvei has agreed to acquire Atlanta-based integrated payments provider Paya for about $1.3 billion. Nuvei will pay US$9.75 in cash for each of his shares, the companies said in a statement. release on Monday.
Nuvei provides next-generation payment infrastructure and payment options, while Paya provides commerce solutions that help customers accept and make payments.
Nuvei intends to finance the acquisition with a combination of cash on hand, existing lines of credit and a newly committed $600 million first lien secured line of credit, said the Canadian company. the company said.
Nuvei said in a statement that the acquisition will allow it to expand its business-to-business (B2B) offerings and its existing growth strategy. Philip Fayer, chairman and CEO of Nuvei, added that Nuvei could create a “preeminent payment technology provider”.
Watch this Finance Magnates London Summit 2022 session on fintech collaboration.
Fire also said Reuters The acquisition will enable the company to generate about half of its revenue in the U.S. alone, compared to about 40% of its revenue in the U.S. and Canada combined.
Meanwhile, from Nuvei’s perspective, the acquisition was primarily advised by Barclays Capital and backed by BMO Capital Markets, RBC Capital Markets and Evercore Group LLC. Paya, on the other hand, is primarily advised by JP Morgan Securities.
The acquisition follows a year of declining investment in the payments industry. According to KPMG, investment in the global fintech industry fell 3.1% to US$107.8 billion from US$111.2 billion in the same period last year.
The fintech industry is also responsible for some of the largest mass layoffs recorded in 2022. In this industry, many companies have exited this year. This includes companies such as Fast, Nirvana Money, Planetly (Germany), Volt Bank (Australia) and Dozens (closed UK banking division).
Canadian fintech company Nuvei has agreed to acquire Atlanta-based integrated payments provider Paya for about $1.3 billion. Nuvei will pay US$9.75 in cash for each of his shares, the companies said in a statement. release on Monday.
Nuvei provides next-generation payment infrastructure and payment options, while Paya provides commerce solutions that help customers accept and make payments.
Nuvei intends to finance the acquisition with a combination of cash on hand, existing lines of credit and a newly committed $600 million first lien secured line of credit, said the Canadian company. the company said.
Nuvei said in a statement that the acquisition will allow it to expand its business-to-business (B2B) offerings and its existing growth strategy. Philip Fayer, chairman and CEO of Nuvei, added that Nuvei could create a “preeminent payment technology provider”.
Watch this Finance Magnates London Summit 2022 session on fintech collaboration.
Fire also said Reuters The acquisition will enable the company to generate about half of its revenue in the U.S. alone, compared to about 40% of its revenue in the U.S. and Canada combined.
Meanwhile, from Nuvei’s perspective, the acquisition was primarily advised by Barclays Capital and backed by BMO Capital Markets, RBC Capital Markets and Evercore Group LLC. Paya, on the other hand, is primarily advised by JP Morgan Securities.
The acquisition follows a year of declining investment in the payments industry. According to KPMG, investment in the global fintech industry fell 3.1% to US$107.8 billion from US$111.2 billion in the same period last year.
The fintech industry is also responsible for some of the largest mass layoffs recorded in 2022. In this industry, many companies have exited this year. This includes companies such as Fast, Nirvana Money, Planetly (Germany), Volt Bank (Australia) and Dozens (closed UK banking division).
