Canadian fintech company Nuvei Corporation is set to acquire leading integrated payment and commerce solutions provider Paya Holdings Inc in an all-cash transaction of around US$1.3 billion, or US$9.75 per share.
Shares of both companies rose on the news, with Paya up 24.4% at US$9.69 and Nuvei adding 4% at US$28.08 on Monday afternoon.
In a joint statement, Nuvei and Paya said the proposed acquisition would create a pre-eminent payment technology provider with strong positions in global eCommerce, integrated payments and business-to-business.
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“The proposed transaction will combine two people-first, technology-led, high-growth payment platforms,” said Nuvei CEO Philip Fayer.
“It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan.”
Paya CEO Jeff Hack added: “We are pleased to have reached this transaction with Nuvei, which is a testament to the incredible talent at Paya, and will deliver immediate and significant cash value to Paya shareholders.”
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