Just months after going public, Nuvei has completed its acquisition of Smart2Pay Global Services.
Financial terms weren’t announced. Smart2Pay, of Amsterdam, provides an application program interface (API) that helps merchants, marketplaces, and banks access local and global payment methods. Smart2Pay’s technology helps businesses collect funds from customers in more than 80 countries, according to the company’s website.
The deal is valued at $300 million, Barron’s has learned.
The transaction is expected to enhance Nuvei’s expertise in social gaming and online marketplaces. Nuvei is also expanding into sports betting.
In September, the company received its sports-betting vendor license from Colorado’s Division of Gaming. Nuvei can now process payments for regulated sports betting sites and apps in that state. It has already been approved to process sports betting in Indiana.
Nuvei, of Montreal, is Canada’s largest nonbank payments processor. The acquisition is expected to make Nuvei one of the biggest and most complete providers of alternative payment method solutions in the world, with 450 APMs supporting online merchants in more than 200 global markets, a Nuvei statement said.
The acquisition comes weeks after Nuvei went public in September on the Toronto Stock Exchange. The Nuvei offering raised $700 million. Nuvei is backed by Novacap, a Canadian buyout shop, and the pension fund Caisse de dépôt et placement du Québec.
The Smart2Pay sale comes as large payments mergers continue in Europe. Nexi, the Italian payments provider, is in exclusive talks to buy Nets Group, a European payments company, according to a statement. Nexi has agreed to a 10-day exclusivity period with Nets to reach a deal, the statement said.
Financial terms weren’t announced but the deal would value Nets at around $8 billion, the Wall Street Journal reported. Hellman & Friedman acquired Nets, of Denmark, for $5.3 billion in 2017. In 2019, the buyout shop agreed to a $3.19 billion sale of Nets’ corporate services business to Mastercard (ticker: MA) in 2019. That deal is expected to close before the sale toNexi, the statement said.
Nexi’s discussions with Nets comes weeks after it agreed to buy Sia, a rival Italian payments provider, for €4.6 billion ($5.4 billion). The acquisition of Sia and Nets is expected to make Nexi Europe’s largest payments operator with a market capitalization of more than €22 billion, the Financial Times said.
RBC Capital Markets advised Nuvei while FT Partners provided financial advice to Smart2Pay.
Spokesmen for Novacap and CDPQ declined to comment. Smart2Pay, Hellman & Friedman, Nets, and Sia could not be reached for comment.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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