Payment technology company Nuvei Corp. has signed a deal to buy U.S. company Paya Holdings Inc. valued at US$1.3 billion. Nuvei Corp. CEO Philip Fayer is shown in a handout photo. THE CANADIAN PRESS/HO-Nuvei Corp. MANDATORY CREDIT
January 09, 2023 - 6:26 AM
MONTREAL - Payment technology company Nuvei Corp. has signed a deal to buy U.S. company Paya Holdings Inc. valued at US$1.3 billion.
Under the agreement, Montreal-based Nuvei will pay US$9.75 per share in cash.
The purchase price is a 25 per cent premium to Paya's closing price on Friday of US$7.79.
Atlanta-based Paya is a payment technology company with more than 100,000 customers and over 2,000 key distribution partners.
Nuvei chair and chief executive Philip Fayer says the deal will accelerate the company's integrated payment strategy and diversify its business into key areas.
Nuvei expects to finance the deal with a combination of cash on hand, an existing credit facility and a new secured credit facility.
This report by The Canadian Press was first published Jan. 9, 2023.
Companies in this story: (TSX:NVEI)
News from © The Canadian Press, 2023