Canadian payments processor Nuvei has announced it will go private as part of a takeover deal by Advent.

The private equity firm has agreed to buy the company for $6.3 billion.

Nuvei currently serves 200 markets around the world, with local acquiring in 50 markets and connectivity to 680 local and alternative payment methods.

In its recent 2023 annual financial statements, the payments giant announced that it had processed more than $200 billion in total volume and $1.2 billion in revenue.

Nuvei's chief executive and chair Philip Fayer, who will continue running the business, said that the move marks the beginning of an "exciting new chapter" for the company.

"Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people," he continued. "Bringing in a partner with such extensive experience in the payments sector will continue to support our development."

Bo Huang, managing director at Advent, said that the buyout would support Nuvei as it attempts to further scale around the world from its base in Canada.

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