Nuvei enters definitive agreement to acquire Paya

By Edlyn Cardoza

Nuvei Corporation, the Canadian FinTech company, and Paya Holdings Inc., one of the leading providers of integrated payment and commerce solutions in the U.S., announced that they have entered into a definitive agreement whereby Nuvei will acquire Paya in an all-cash transaction at $9.75 per share for total consideration of approximately $1.3 billion.

“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 (“B2B”),” said Philip Fayer, Nuvei’s Chairman and Chief Executive Officer. “The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will 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.”

“We are pleased to have reached this transaction with Nuvei, which is a testament to the incredible talent at Paya, and will deliver immediate and significant cash value to Paya shareholders,” said Jeff Hack, Paya’s Chief Executive Officer. “We continue to see strong momentum in our high-growth and underpenetrated middle market partners in durable end-markets, and believe that Nuvei’s resources will enable us to continue our mission of solving complex business problems with easy-to-use payment solutions.”

Paya is one of the leading providers of integrated payment and frictionless commerce solutions that help customers accept and make payments, expedite the receipt of money, and increase operating efficiencies. The company processes over $40 billion of annual payment volume across credit/debit card, ACH, and check, making it a top payment processing provider in the US.

Paya serves more than 100,000 customers through over 2,000 key distribution partners focused on targeted, high-growth verticals such as healthcare, education, non-profit, government, utilities, and other B2B end markets. Paya is headquartered in Atlanta with operations in Reston, Fort Walton Beach, Mt. Vernon, and Dallas.