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Nuvei Corporation completes its US$6.3B definitive arrangement agreement to be taken private by Advent International

Date Closed

November 15, 2024

Lead Office

Montréal

Value

6.30 Billion USD

On November 15, 2024, Nuvei Corporation (“Nuvei”) announced the completion of the previously announced plan of arrangement under the Canada Business Corporations Act pursuant to which Neon Maple Purchaser Inc. (the “Purchaser”), an entity formed by Advent International (“Advent”), acquired, directly or indirectly, all the issued and outstanding shares of Nuvei at an enterprise value of approximately US$6.3 billion (the “Arrangement”).

As part of the Arrangement, Philip Fayer, certain investment funds managed by Novacap Management Inc. (collectively, “Novacap”) and Caisse de dépôt et placement du Québec (“CDPQ”) sold their shares of Nuvei in exchange for a combination of cash and shares in the capital of the Purchaser or an affiliate thereof. As a result of the Arrangement, Nuvei became a wholly-owned subsidiary of the Purchaser, which Advent, Philip Fayer, Novacap and CDPQ hold or exercise control or direction over, directly or indirectly, approximately 46%, 24%, 18% and 12%, respectively.

Nuvei, located in Montreal, Quebec, Canada is a fintech company that created modular, flexible and scalable technology that allows companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services.

Advent, headquartered in Boston, Massachusetts, United States, is a global private equity investor focused on business and financial services, health care, industrial, retail, consumer, and leisure, and technology.

CDPQ is a global investment group managing funds for public pension plans and insurance plans, headquartered in Quebec, Canada.

McCarthy Tétrault advised CDPQ with a team led by Patrick Boucher and Louis-Charles Filiatrault that included Janie Lambert-Roy (Business), Christian Meighen, Randy Schwartz, Marie-Soleil Landry, Kassandra Grenier, Etienne C. Laplante, Julien Leblanc (Tax), Dominic Thérien, Kate McNeece (Competition and Antitrust) and Robert A Glasgow (Trade).

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