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Nuvei to buy Paya for $1.3bn

Nuvei to buy Paya for $1.3bn

Canadian payments firm Nuvei has struck a deal to buy US outfit Paya in an all-cash deal worth US$1.3 billion.

The firms have entered into a definitive agreement that will see Nuvei pay US$9.75 a share for Paya, a 25% premium on Friday's closing price.

Nuvei says the deal will create a strong player in the global e-commerce, integrated payments and business-to-business markets.

Paya processes over $40 billion of annual payment volume across credit/debit card, ACH, and cheque, serving more than 100,000 customers through over 2000 distribution partners in areas such as healthcare, education, non-profit, government and utilities.

Philip Fayer, CEO, Nuvei, says the deal 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".

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