Nuvei shareholders have voted in favor of an all-cash deal which will see the Montreal-based payments provider bought by an American private equity firm Advent International and taken private at a valuation of US$6.3 billion.
The majority of shareholders supported the deal, with 99.24% voting in favor and just 0.76% against.
Shareholders will receive US$34 per share, presenting a premium of about 56% over its closing share price of US$21.76 on the Nasdaq Global Select Market on March 15, 2024.
Nuvei shares closed on Tuesday at about US$32.
When first announcing the deal back in April, the company said that its CEO Philip Fayver will continue to lead Nuvei, along with his broader leadership team. The company will continue to be based in Montreal.
“This transaction marks the beginning of an exciting new chapter for Nuvei, and we are glad to partner with Advent to continue to deliver for our customers and employees and capitalize on the significant opportunities that this investment provides,” Fayer said in a press release at the time.
The acquisition still required final approval from the Court, with a hearing scheduled for June 20, 2024. It is expected the transaction will close in late 2024 or the first quarter of 2025.