The Boston-based private equity firm and existing Canadian shareholders Philip Fayer, Novacap and the Caisse de dépôt et placement du Québec have agreed to pay US$34 per share in cash for the Montreal-based fintech, which is currently listed on the Toronto Stock Exchange. The transaction, which is subject to court approval and customary closing conditions, is expected to close as early as late 2024. (The Logic)

Talking point: The proposed deal represents a premium of about 56 per cent over Nuvei’s share price on March 15, the last trading day before The Wall Street Journal reported Advent International and Nuvei were nearing a deal. Nuvei’s stock was up more than two per cent Monday, after rising about 49 per cent since March 15 after a years-long decline from its 2021 peak. Fayer will stay on as chair and CEO and the company will continue to be based in Montreal. The payments firm, which is backed by Canadian celebrity Ryan Reynolds, joins several other public Canadian tech companies that have turned to private acquirers following struggles in public markets.