Quebec fintech firm Nuvei nabs regulatory approvals needed to take firm private

Nuvei Corp. says it has received all the regulatory approvals it requires for the business to be taken private. The Nuvie Corp. logo is shown in this undated handout photo. THE CANADIAN PRESS/HO-Nuvei

Nuvei Corp. says it has received all the regulatory approvals it requires for the company to be taken private.

The Montreal-based financial technology firm due to be bought by American private equity firm Advent International and taken private at a US$6.3-billion valuation now says it expects the transaction to close on Friday.

The company, which keeps its books in U.S. dollars, reported Tuesday evening that its third-quarter net income totalled US$17.2 million compared with a net loss of US$18.1 million a year ago.

The company says the profit amounted to 10 cents per diluted share attributable to shareholders for the quarter ended Sept. 30 compared with a loss of 14 cents per share a year earlier.

On an adjusted basis, Nuvei earned 34 cents per diluted share attributable to shareholders in its latest quarter compared with an adjusted profit of 39 cents per share in the same quarter last year.

Revenue increased 17 per cent to US$357.6 million in the latest quarter from US$304.9 million a year prior.

This report by The Canadian Press was first published Nov. 13, 2024.