Nuvei wants to buy an American payment platform

Nuvei wants to buy an American payment platform

Montreal-based Nuvei Corporation has signed a definitive agreement to acquire American payments technology platform Paya.

The transaction was unanimously approved by the board members of all companies, Nuvei said in a statement Monday.

The transaction is valued at around $1.3 billion, it said.

“The proposed acquisition of Paya is a significant step in Nuvei’s evolution,” said Philip Fayer, Nuvei’s President and CEO, in a statement.

“The proposed transaction will combine two high-growth, human-centric payment technology platforms. It will accelerate our integrated payments strategy by diversifying our business […] and will facilitate the execution of our growth plan,” he explained.

“Nuvei’s resources will allow us to continue our mission of solving complex business problems with easy-to-use payment solutions,” said Jeff Hack, CEO of Paya.

Completion of the tender offer is subject to certain conditions. The two companies announced that the transaction should take place by the end of the first quarter of 2023 at the latest.