Canadian payment technology company Nuvei has completed its previously announced acquisition of SafeCharge International Group for $889m.
SafeCharge is a London-listed company providing omni-channel payment services. Its payment platform connects all major payment card schemes including Visa, Mastercard, American Express and UnionPay as well as local processes.
In May, Nuvei signed an agreement to take over the business by offering $5.55 in cash for each SafeCharge share. The acquisition was supported by Nuvei’s investors Novacap and Caisse de dépôt et placement du Québec (CDPQ).
The combined firm will be headquartered Montreal, Quebec.
Novacap (TMT) partner David Lewin said: “By marrying SafeCharge’s market-leading technology and Nuvei’s established distribution channels in the US and Canada, Nuvei will now be able to deliver fully-supported payment solutions to its clients and distribution networks, regardless of size, vertical or geography.”
Novacap (TMT) president and managing partner Pascal Tremblay said: “I would like to thank our partner Philip Fayer for being the driving force behind this acquisition, while continuing to successfully execute on Nuvei’s strong growth potential, as well as CDPQ, our partner in Nuvei, for their constant support.
“I am very happy to say that Safeharge is the largest acquisition in Novacap’s 38 year history making Nuvei another Novacap platform that is a leader in its industry with headquarters in Montreal.”