Canadian fintech company Nuvei Corporation (NVEI) is buying U.S. payments company Paya Holdings (PAYA) for $1.3 billion U.S.
The all-cash deal will see Nuvei acquire Paya Holdings for $9.75 U.S. per share. The transaction is expected to close by the end of this year’s first quarter (March 31).
In a news release, Nuvei said the purchase will allow it to capitalize on the growing market of integrated payment software, and benefit from Paya Holdings’ existing business relationships.
Nuvei’s stock has declined 53% over the last year to $37.40 per share.
