Quebec fintech firm Nuvei nabs regulatory approvals needed to take firm private
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.
Nuvei Corp. has announced that it has obtained all the regulatory approvals needed for the company to transition to private ownership.
The Montreal-based financial technology company is set to be acquired by the U.S. private equity firm Advent International, with the transaction valuing Nuvei at US$6.3 billion. The company now expects the deal to be finalized on Friday.
In its recent financial update, Nuvei reported a net income of US$17.2 million for the third quarter, a turnaround from the net loss of US$18.1 million reported in the same period last year. For the quarter ending September 30, this equates to a profit of 10 cents per diluted share for shareholders, in contrast to the 14 cents per share loss recorded a year ago.
On an adjusted basis, Nuvei's earnings amounted to 34 cents per diluted share in the latest quarter, down slightly from the 39 cents per share earned on an adjusted basis in the same quarter of the previous year.
The company's revenue also rose by 17 percent, reaching US$357.6 million this quarter, up from US$304.9 million a year earlier.
