Nuvei Corp. shareholders have voted overwhelmingly in favour of a plan that will see the company bought by an American private equity firm and taken private at a US$6.3-billion valuation.

The company says 99.24 per cent of those who voted were in favour of the deal that will see them paid US$34 per share in cash.

The proposal for the Montreal-based payment technology firm was put forward by Advent International, alongside existing shareholders Novacap, CDPQ and Nuvei chair and CEO Philip Fayer in April. Under the deal, Fayer will remain CEO and chair and Nuvei will continue to be based in Montreal.

Leading independent proxy advisory firms Glass Lewis and Institutional Shareholder Services previously recommended shareholders vote in favour of the offer.

Nuvei still needs to obtain a court order for the transaction to move forward but expects the deal to close later this year or during the first quarter of 2025.

When Nuvei went public in 2020, it raised US$833 million, shattering the Toronto Stock Exchange’s record for a tech IPO. It later caught the attention of Canadian actor Ryan Reynolds, who took a stake in the business in 2023. 

This report by The Canadian Press was first published June 18, 2024.