Advent in Advanced Talks to Buy Ryan Reynolds-Backed Nuvei

Apr 1, 2024 11:54 pm | News

(Bloomberg) — Advent International is in advanced talks to buy Canadian payments processor Nuvei Corp., people familiar with the matter said, in a further sign that confidence is returning among private equity dealmakers.

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The buyout firm is putting the finishing touches on its offer for Nuvei and an agreement could be announced as soon as Monday, according to the people, who asked not to be identified discussing confidential information.

While deliberations are at an advanced stage, they could still be delayed, the people said. Representatives for Advent and Nuvei declined to comment.

Shares in Nuvei have risen more than 10% since March 18 after The Wall Street Journal reported the company was in advanced talks with Advent. The stock had been down 47% over the 12 months up to that point. Nuvei has a market value of about $4.4 billion.

Backed by Canadian actor Ryan Reynolds, Nuvei provides pay-in and pay-out services and partners with brands including Virgin Atlantic Airways Ltd., fashion retailer Shein Group Ltd. and sports betting firms DraftKings Inc. and BetMGM, according to its website.

The value of private equity buyouts targeting companies in North America is up almost 7% this year to about $44 billion, data compiled by Bloomberg show. That compares with an increase of 38% for broader M&A targeting the region.

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