Nuvei, an electronic payment processing company, announced this Thursday that it has completed the acquisition of SafeCharge International Group Limited for $899 million.
As Finance Magnates reported, Nuvei agreed to terms to buy SafeCharge in an all-cash deal earlier this year in May. Now, the combined company is a global payment solutions provider with significant scale.
The headquarters for the combined organization will be in Montreal, Quebec, where Nuvei’s headquarters are. The acquisition will benefit Nuvei in terms of global expansion, as it has typically been focused on the US and Canada, while SafeCharge has a foothold in Europe, Asia, and Latin America.
SafeCharge’s proprietary platform, which offers direct connections to all major payment card schemes, supports more than 150 currencies and 180 payment types, will bolster Nuvei’s offering.
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Commenting on the acquisition, Philip Fayer, Nuvei’s Chairman and CEO said: “This marks the dawn of a new, exciting journey for Nuvei. Thanks to SafeCharge’s technology platform, we’ve enhanced our ability to deliver powerful payment solutions to our technology partners, merchants, and resellers.
“With offices across 14 countries and unparalleled fintech expertise, we’ve transformed our combined organization into a diversified, global payments leader with massive scale and reach.”
Trading in SafeCharge shares to cease on August 2, 2019
According to the statement, SafeCharge has applied to the AIM stock exchange in London for the cancellation of the admission to trading of SafeCharge shares on AIM. This is expected to take effect on the 2nd of August, 2019.
“We are jointly creating an international payment giant with an unrivalled talent pool and technology stack. We are thrilled to be part of a bigger entity to further the adoption of the most innovative payments technology globally,” added David Avgi, CEO of SafeCharge.
“The move will also provide our employees with more long-term career opportunities and be part of a global company, which we can all be very proud of.”