Canada’s Nuvei to buy Payoneer for US$2.75 billion in cross-border payments push

Fintech company Nuvei Corp. says it has completed its previously announced plan to take the company private. Nuvei Corp. chief executive Philip Fayer is shown in a handout photo. (HO-Nuvei Corp/The Canadian Press)

Nuvei will buy cross-border payments firm Payoneer for about US$2.75 billion in cash, the companies said on Monday, as the Canadian fintech aims to expand globally.

Nuvei will buy all shares of Payoneer for $7.40 apiece, a premium of about 44 per cent to their last close on June 8. Payoneer has a market capitalization of about $2.26 billion, according to data compiled by LSEG.

Reuters reported last week that Nuvei was in advanced talks to acquire Payoneer.

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Payment companies have been consolidating to expand their reach in faster-growing areas such as cross-border and business payments.

The deal will also position Nuvei for growth in stablecoin transactions and AI-driven commerce, and give it access to major marketplace clients including Amazon, Walmart, eBay and Airbnb.

US$3B annual revenue expected

The transaction is expected to close in mid-2027, subject to shareholder approval at Payoneer and regulatory clearances.

Payoneer helps businesses make and receive cross-border payments and manage transactions across multiple currencies. It has licenses in major markets.

The combined company is expected to generate around $3 billion in annual revenue and process more than $500 billion in annual payment volume, the companies said.

“By combining complementary capabilities, we can offer businesses a more complete platform to accept payments, send funds, issue cards, manage treasury and FX needs, and access embedded financial services – at scale,” said Nuvei CEO Phil Fayer.

BMO Capital Markets, RBC Capital Markets, Barclays, UBS and Wells Fargo are providing committed financing for the deal.

Goldman Sachs is acting as lead financial adviser to Nuvei, with Barclays Capital also advising, while Qatalyst Partners is serving as exclusive financial adviser to Payoneer.

(Reporting by Milana Vinn in New York and Prakhar Srivastava in Bengaluru; Editing by Sahal Muhammed)