Nuvei To Acquire Paya For $1.3 Bln In Cash

(RTTNews) - Canadian fintech company Nuvei Corp. (NVEI, NVEI.TO) Monday announced a definitive agreement to acquire Paya Holdings Inc. (PAYA) for $9.75 per share in a cash deal worth $1.3 billion. The transaction is expected to be accretive to adjusted earnings per share in 2023.

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

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.