Canada-based Nuvei to acquire SafeCharge for $889 million
SafeCharge International Group Ltd said payments technology firm Nuvei Corp would buy the company in an all-cash deal valued at $889 million.
Under the agreement, SafeCharge shareholders would receive $5.55 in cash for each share held.
Commenting on the Acquisition, Roger Withers, Chairman of SafeCharge said: “The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge Shareholders. The price premium Nuvei is offering reflects SafeCharge’s leading position in the high growth e-commerce payments market, the strength of its own technology platform, its diversified and stable customer base and the significant experience in the payments industry of SafeCharge’s management team. It is for these reasons that the board is unanimously recommending this transaction to SafeCharge.
Shareholders.” Commenting on the Acquisition, David Avgi, Chief Executive Officer of SafeCharge said: “SafeCharge is the payment technology partner for the world’s most demanding businesses. Nuvei is one of the leading providers of technology-driven payment solutions to merchants and technology and distribution partners, primarily in the United States and Canada. Both companies have built strong positions in the payment sector in their respective markets, with minimal geographic, customer or industry overlap.
The Acquisition should enable SafeCharge to benefit from Nuvei’s North American footprint and sales and marketing capability to fulfil and accelerate its growth ambitions. The board believes that our businesses have similar shared entrepreneurial cultures and is confident that Nuvei’s plans to invest in and grow the SafeCharge business mean the proposed transaction is positive for SafeCharge and its stakeholders as a whole.”
Commenting on the Acquisition, Philip Fayer, Chairman and Chief Executive Officer of Nuvei said: “We are very excited about the combination of SafeCharge and Nuvei, which will create a truly global, leading, payments technology solution provider with significant scale. Our businesses are highly complementary from multiple perspectives including geography, technology, key verticals and customers. We think the technology platform SafeCharge has developed is exceptional and will serve as the go-forward foundation from which we will continue to grow the combined business and provide best-in-class products and services to our customers and partners. Lastly, we look forward to welcoming SafeCharge’s highly experienced management team and employees to the Nuvei family.”