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ADVENT / WPF / NUVEI
M.11582
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Disclaimer :
The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.
SECTION 4
Description of the concentration
This notification concerns the proposed acquisition of joint control, within the meaning of Article 3(1)(b) of the European Union Merger Regulation (“EUMR”), over Nuvei Corporation and its subsidiaries (“Nuvei” or the “Target”) by funds managed by Advent International, L.P. (together with its affiliates, and investment funds managed by its affiliates, “Advent”) and Whiskey Papa Fox Inc. (“WPF”), a holding vehicle controlled by the Canadian founder of Nuvei (the “Founder”) (the “Transaction”).
On 1 April 2024, Advent and WPF (amongst others) entered into various agreements with Nuvei, pursuant to which Advent and WPF will acquire joint control over Nuvei within the meaning of Article 3(1)(b) of the EUMR. Certain other existing shareholders will also indirectly retain minority non-controlling interests in Nuvei upon closing of the Transaction. The Transaction involves the acquisition of shares and will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act.
Advent is a private equity investor based in Boston, USA. Advent focuses on the acquisition of equity stakes and the management of investment funds in various sectors, including healthcare, industrial, technology, retail, consumer and leisure, and business and financial services.
WPF is a holding vehicle controlled by the Founder.
Nuvei is a payment technology partner headquartered in Montreal, Canada, with global operations. The Target is currently listed on the Toronto and NASDAQ Stock Exchanges (under ticker “NVEI”).
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