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Nuvei (Nasdaq: NVEI, TSX: NVEI) announced that Institutional Shareholder Services (ISS) recommends shareholders vote in favor of a statutory plan of arrangement. Under this plan, Neon Maple Purchaser, controlled by Advent International, will acquire all outstanding shares for $34.00 per share in cash. The special shareholder meeting to approve the arrangement is scheduled for June 18, 2024. ISS supports the proposal, noting the premium offered and the risks of non-approval. Nuvei's Board and a special committee of independent directors also recommend voting for the arrangement, believing it to be in the best interests of the company and its shareholders.
Nuvei (Nasdaq: NVEI, TSX: NVEI) held its annual meeting of shareholders on May 24, 2024. All proposed items of business were approved by shareholders. The eight director nominees were elected with high approval rates, notably Philip Fayer with 99.90% of votes in favor. PricewaterhouseCoopers LLP was reappointed as auditors with 99.87% of votes in favor. Final voting results are available on SEDAR+ and EDGAR. Nuvei provides fintech solutions for payment acceptance, payout options, and risk management across 200 markets and 150 currencies.
Nuvei (Nasdaq: NVEI) has appointed Gang Wang as its new Chief Technology Officer, effective May 23, 2024. Wang will lead the global technology team and work closely with former CTO Max Attias, who now serves as Chief Information Officer. This leadership restructuring aims to bolster Nuvei's technological capabilities, drive innovation, and support future growth.
Wang joins Nuvei with over 25 years of experience, including senior roles at Intuit and Stripe. His expertise in payments and software sectors is expected to significantly enhance Nuvei's tech strategy and service delivery. Under Attias' previous leadership, Nuvei's total payments volume grew nearly fivefold from 2020 to 2023.
CEO Philip Fayer believes this strategic leadership expansion will empower Nuvei to address industry complexities and accelerate global revenue growth.
Nuvei announced the filing of a Management Proxy Circular and received an interim order for a go-private transaction involving Advent International. Shareholders will receive $34.00 per share, a 56% premium on the last trading day before media reports of the transaction. The Board recommends shareholders vote for the arrangement at a special meeting on June 18, 2024. The interim order authorizes the meeting and other related matters. The arrangement must be approved by a detailed voting process. Full details are available on SEDAR and EDGAR.
Nuvei reported its financial results for the first quarter of 2024, showing significant growth in total volume, revenue, and adjusted EBITDA. The company also announced a cash dividend and a proposed transaction to be taken private by Advent International. Revenue increased across all geographies, and the company plans to delist from stock exchanges after the transaction.
