FCA approves change in control of SafeCharge
The proposed acquisition of SafeCharge by Nuvei remains conditional on the approval of SafeCharge shareholders at the Court Meeting and the General Meeting to be held on July 17, 2019.
In connection with the recommended cash acquisition by Nuvei Bidco of the share capital of SafeCharge International Group Ltd (LON:SCH), Nuvei today confirms that the UK’s Financial Conduct Authority (FCA) has approved the proposed change in control of SafeCharge Financial Services Limited.
The deal remains conditional on the approval of SafeCharge shareholders at the Court Meeting and the General Meeting to be held on July 17, 2019, regulatory clearance from the Central Bank of Cyprus, the sanction of the Court and the satisfaction or, where applicable, the waiver of the other Conditions. The scheme of arrangement is still expected to become effective in this third quarter of 2019.
The last day of dealings in, and registration of transfers of, SafeCharge Shares on AIM is expected to be on the last business day before the effective date.
Under the terms of the acquisition, SafeCharge shareholders will be entitled to receive $5.55 in cash for each SafeCharge share. The price of $5.55 for each SafeCharge Share, being equivalent to £4.36 per SafeCharge Share based on the Announcement Exchange Rate, represents a premium of approximately 25% to the Closing Price of £3.50 per SafeCharge Share on May 21, 2019 (being the last Business Day before the date of the acquisition announcement).
The acquisition is expected to enable SafeCharge to benefit from Nuvei’s North American footprint and sales and marketing capability to fulfill and accelerate its growth ambitions.