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Advent to buy Ryan Reynolds-backed fintech Nuvei in $6.3 bln deal

Reuters · 1y ago

Advent to buy Ryan Reynolds-backed fintech Nuvei in $6.3 bln deal

Private equity firm Advent International has agreed to acquire Canada's payments technology firm Nuvei for $6.3 billion. Nuvei provides businesses with payments technology solutions, allowing them to accept payments from customers globally. The deal represents a premium of 56% to Nuvei's closing price on Nasdaq. CEO Philip Fayer will continue to lead the company, and Nuvei will remain headquartered in Montreal. The deal is expected to close in late 2024 or the first quarter of 2025.

Related News

Canadian payments company Nuvei to evaluate offers to go private

Economic Times

Economic Times · 1y ago

Canadian payments company Nuvei to evaluate offers to go private

Nuvei, a Canadian payments technology company, is considering proposals to take the company private. Private equity firm Advent International is reportedly in advanced talks to acquire Nuvei. The company, backed by actor Ryan Reynolds, has formed a special committee to evaluate expressions of interest, including a going-private deal, and explore other strategic options. Nuvei has engaged in discussions but has not made any agreements or decisions regarding a privatization deal. Nuvei's shares have declined since its acquisition of Paya Holdings last year, which was criticized by a short seller.

Canadian payments processor Nuvei explores options including going private

Reuters · 1y ago

Canadian payments processor Nuvei explores options including going private

Canadian payments technology company Nuvei is considering strategic alternatives, including a possible deal to go private. This comes after reports that private equity firm Advent International is in advanced talks to acquire Nuvei.

DMI Group acquires BNPL startup ZestMoney in a fire sale deal

Money Control

Money Control · 1y ago

DMI Group acquires BNPL startup ZestMoney in a fire sale deal

NBFC DMI Finance has acquired Buy Now Pay Later startup ZestMoney in a fire sale deal. The move strengthens DMI Group's commitment to customer-centric financial solutions and opens up new possibilities for seamless checkout finance tools. The Walmart-backed fintech decacorn PhonePe was previously in talks to acquire ZestMoney, but backed out due to issues with due diligence. ZestMoney faced difficulties without PhonePe's involvement, leading to layoffs and eventual shutdown. However, DMI Finance has assured that all existing employees will remain with the company.

Fisher Sells Stake of Up to $3 Billion to Advent, Abu Dhabi Fund

Livemint

Livemint · 1y ago

Fisher Sells Stake of Up to $3 Billion to Advent, Abu Dhabi Fund

Private equity firm Advent International and a unit of the Abu Dhabi Investment Authority have acquired a minority stake in Fisher Investments, the investment firm founded by billionaire Ken Fisher. The deal, valued at up to $3 billion, is seen as part of Fisher's estate planning and will allow the firm to maintain its independence. Fisher Investments currently manages $275 billion for over 150,000 clients. Advent International has a focus on financial services and has previously backed companies such as Worldpay and Vantiv. The Abu Dhabi Investment Authority is a sovereign wealth fund.

Advent set to acquire jewellery retailer Orra at nearly Rs 1,750 crore: sources

Economic Times

Economic Times · 7m ago

Advent set to acquire jewellery retailer Orra at nearly Rs 1,750 crore: sources

Advent International is nearing a deal to acquire a controlling stake (51-75%) in Orra Fine Jewellery from Rosy Blue Group, valuing Orra at Rs 1,500-1,750 crore. The deal, involving management transition to Advent, is expected to lead to Orra's public listing in a few years. Orra, launched in 2004, faced management changes since 2015 and recently increased revenue but reported losses. Advent's acquisition aligns with its global consumer investment strategy.

Paytm app launches auto-rickshaw booking feature via ONDC

Economic Times

Economic Times · 1y ago

Paytm app launches auto-rickshaw booking feature via ONDC

Paytm, the fintech platform, has introduced an auto-rickshaw booking feature on its app in collaboration with the government-backed Open Network for Digital Commerce (ONDC). The service is currently available for select users in the National Capital Region, Bengaluru, and Chennai. The feature is provided by Pai Platforms, backed by Paytm CEO Vijay Shekhar Sharma. ONDC has seen higher volumes in mobility compared to ecommerce, with over 37 million trips completed and 6.3 million registered users. Paytm is among several companies exploring ONDC for commerce and mobility services.

Advent, Jhunjhunwala family-backed companies get SEBI nod for IPO

VCCircle

VCCircle · 9m ago

Advent, Jhunjhunwala family-backed companies get SEBI nod for IPO

Two companies backed by Advent International and the Jhunjhunwala family have received approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs). Packaging products maker Manjushree Technopack, backed by Advent, plans to raise INR 3,000 crore, using INR 500 crore to pay off debt. Healthcare technology company Inventurus Knowledge Solutions, backed by the Jhunjhunwala family, has submitted IPO documents for the offer for sale of shares held by existing shareholders. As of March 2021, Inventurus had 800 healthcare organizations as clients.

Advent-owned Suven Pharma to buy majority stake in NJ Bio for $64 mn

VCCircle

VCCircle · 8m ago

Advent-owned Suven Pharma to buy majority stake in NJ Bio for $64 mn

Indian contract development and manufacturing organization (CDMO) Suven Pharma, owned by private equity firm Advent International, is set to acquire a majority stake in US-based NJ Bio for $64.4 million. Suven Pharma will purchase a 56% stake in NJ Bio, a technology-driven CDMO specializing in complex drug modalities, at a pre-money valuation of $100 million. The deal will involve a combination of primary and secondary investments, with Suven paying $49.4 million to buy out existing minority shareholders and infusing $15 million in primary equity. The transaction is expected to close this month.

Kreditbee, Khatabook's domicile shift likely to pave way for IPOs

Economic Times

Economic Times · 1y ago

Kreditbee, Khatabook's domicile shift likely to pave way for IPOs

Indian lending startup Kreditbee, backed by Premji Invest and Advent International, has received approval to dissolve its overseas unit in Singapore. The company will now file an appeal in a Singapore court to complete the process of moving its domicile to India. Similarly, Khatabook, a fintech backed by Y Combinator and Tribe Capital, is also working on relocating its domicile to India from the US. These moves are part of a growing trend of startups across various sectors shifting their foreign domiciles to India. This can be beneficial for fintechs as the Reserve Bank of India prefers parent entities to be registered in the country.

Advent International looks to stitch secondaries deal to exit packaging firm

VCCircle

VCCircle · 1y ago

Advent International looks to stitch secondaries deal to exit packaging firm

Advent International, a global private equity firm, is looking to exit one of its portfolio companies through a secondaries deal. The firm has hired bankers to assist in the process. Advent International has been actively investing in India and is seeking to increase its share of funding in the country. The decision to exit the packaging firm highlights the firm's strategy to reallocate its capital and focus on new investment opportunities.

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