Canadian payments firm Nuvei is set to buy British payments technology provider SafeCharge for £699 million in an all-cash deal.
Under the terms of the deal, SafeCharge shareholders will receive $5.55 in cash per share and a 25 per cent premium on the business value at last close.
For the year to December, SafeCharge reported revenue growth of 24 per cent and earning before tax up 11 per cent year-on-year.
Nuvei’s acquisition provides access to SafeCharge's Payments Engine technology platform and European footprint.
David Avgi, chief executive at SafeCharge, stated that Nuvei will be a key distribution partner in North America. “Both companies have built strong positions in the payment sector in their respective markets, with minimal geographic, customer or industry overlap.
“The acquisition should enable SafeCharge to benefit from Nuvei's North American footprint and sales and marketing capability to fulfil and accelerate its growth ambitions,” he added.
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