Canadian fintech company Nuvei Corporation has announced plans to buy U.S. payment and commerce solutions company Paya Holdings Inc.
The companies announced the all-cash transaction on Monday, which will see Nuvei acquire Paya for US$9.75 per share, for total consideration of approximately US$1.3 billion.
The transaction is expected to close by the first quarter of this year.
Philip Fayer, chair and CEO of Nuvei, said the purchase is a “powerful next step” for the company.
“The proposed transaction will combine two people-first, technology-led, high-growth payment platforms,” he said in a written statement.
“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.”
Nuvei said the purchase will allow it to capitalize on the growing market of integrated payment software, and benefit from Paya’s business relationships with vendors.
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