Nuvei Corp Agrees to Terms to Buy SafeCharge for $889m

Shares (LON:SCH) of SafeCharge shot up over 22.0% during London trading on the news and shareholder payout

SafeCharge International Group Ltd (LON:SCH) has become the latest payments technology company to be targeted for acquisition. Nuvei Corp has agreed to terms to buy SafeCharge in an all-cash deal valued at $889 million.

The move will have significant implications in the payments space with US payments technology firm Nuvei Corp looking to expand its own reach. The payments space has already been one of the more dynamic in 2019 with SafeCharge itself making multiple acquisitions this year.

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The terms of the deal include $889 million, which will also extend to shareholders. Shares (LON:SCH) of SafeCharge shot up over 22.0% during London trading on the news. Additionally, both companies have unveiled the terms of the takeover, which will provide $5.55 in cash for each share held for shareholders, per a Reuters report.

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The purchase by Nuvei Corp is the latest splash in the payments space, following the landmark deal in which FIS agreed to buy Worldpay earlier this year. That deal, estimated at a staggering $35 billion constituted the largest in the international payments sector to date.

Moving forward, Nuvei Corp will look to capitalize on the growing payments realm in Europe, having already secured a foothold in the US. SafeCharge International is a global payments technology company that provides omnichannel payment services, fraud prevention solutions, and connection to payment methods.

The company has offices and personnel in Israel, UK, the Netherlands, Hong Kong, Italy, Austria, Cyprus, Bulgaria, Singapore and in the US. No other details were announced at this time regarding any shifts in personnel or retention of executive staff.

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