Canadian payment processor Nuvei has agreed to take over SafeCharge in deal worth £700m ($885.27m).
A credit card clearing company for online gambling industry, the London-listed SafeCharge lists Paddy Power Betfair as its clients among many.
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Nuvei has offered £4.36 ($5.55) in cash for every share of SafeCharge.
SafeCharge management has recommended its shareholders to accept the offer.
Teddy Sagi, who is SafeCharge’s major shareholder, owns 68.3% stake, has agreed to sell his shares.
SafeCharge Chief executive David Avgi said: “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.”
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By GlobalDataFollowing the completion of the deal, SafeCharge’s senior management and Nuvei will work together to review the business operations.
Nuvei chairman and CEO Philip Fayer said: “We are very excited about the combination of SafeCharge and Nuvei, which will create a truly global, leading, payments technology solution provider with significant scale.
“Our businesses are highly complementary from multiple perspectives including geography, technology, key verticals and customers.
“We think the technology platform SafeCharge has developed is exceptional and will serve as the go-forward foundation from which we will continue to grow the combined business and provide best-in-class products and services to our customers and partners.”
