M&A · Industrials · Services-Business Services, NEC
Nuvei Corp to acquire Paya Holdings Inc.
Announced Jan 9, 2023 · Closed Feb 22, 2023
Deal value$1.30BEV $1.38B
Premium25.0%To unaffected price
EV / Adj. EBITDA22.4x5.0x EV / Revenue
ConsiderationAll cash$9.75 per share
Transaction
- Acquirer
- Nuvei Corp (NVEI)
- Target
- Paya Holdings Inc.
- Buyer type
- Strategic
- Offer price per share
- $9.75
- Enterprise value
- $1.38B
- Status
- Closed Feb 22, 2023
Deal protections
- Break fee (target pays)
- $38.0M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Barclays, BMO Capital Markets, RBC Capital Markets
Advisors
- To the acquirer
- Barclays
- To the target
- JPMorgan, Raymond James
- JPMorgan fee
- $12.0M
Sector context · Industrials
- Comparable deals
- 80 in the prior 24 months
- Premium
- 25.0% vs. 47.0% sector median
- EV / Adj. EBITDA
- 22.4x vs. 11.6x sector median
- Break fee
- 2.9% vs. 2.7% sector median
Timeline
- AnnouncedJan 9, 2023
- Tender offerJan 24, 2023
- ClosedFeb 22, 2023
Valuation · fairness opinions
Trading comparables$5.50$8.00
Other analysis$7.75$11.50
Discounted cash flow$7.50$10.00
Analyst price targets$7.00$10.00
Offer $9.75
Implied value per Paya Holdings Inc. share by analysis, from JPMorgan · DCF discount rate 9.5%–10.5%.