Nuvei, a Canadian payments company, has agreed to pay US company Paya US$1.3 billion in an all-cash transaction.
According to a legally binding agreement between the parties, Nuvei will buy Paya for US$9.75 per share, a 25% premium over Friday’s closing price.
In the business-to-business, integrated payments, and global e-commerce areas, according to Nuvei, the purchase will establish a powerful player.
Paya serves over 100,000 clients through over 2000 distribution partners in industries including healthcare, education, non-profit, government, and utilities, processing over $40 billion in yearly payment volume across credit/debit cards, ACH, and cheque.
The transaction would, according to Nuvei CEO Philip Fayer, “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.”
