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Nuvei to Acquire GTCR-Backed Payments Provider Paya Valued at $1.3B

Nuvei to Acquire GTCR-Backed Payments Provider Paya in $1.3B Deal

Canadian fintech company Nuvei will acquire Atlanta-based payments and accounting provider Paya Holdings Inc. for $9.75 per share in a cash deal worth $1.3bn. Private equity firm GTCR agreed to tender their shares of Paya, which was originally acquired in 2017, with ownership of 34% of the company.

Nuvei said it expects to finance the acquisition with a combination of cash on hand, an existing credit facility, and a newly committed $600 million first-lien secured credit facility.

The acquisition is expected to accelerate the integrated payment strategy and diversify the business into key high-growth non-cyclical verticals. Paya has a strong footprint in key non-cyclical verticals, including B2B goods and services healthcare, non-profit and education, and government and utilities.

“The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business,” said Philip Fayer, Nuvei’s Chair and Chief Executive Officer.

The proposed transaction is expected to deliver up to $21 million of estimated run-rate cost synergies within two years.

The transaction is expected to close by the end of the first quarter of 2023.

JP Morgan Securities LLC and Raymond James & Associates are serving as financial advisors to Paya and Kirkland & Ellis LLP is serving as Paya’s legal advisor.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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