Nuvei to acquire SafeCharge in $889m deal

Maria Nikolova

Under the terms of the acquisition, SafeCharge shareholders will be entitled to receive $5.55 in cash for each SafeCharge share.

The boards of Nuvei and SafeCharge International Group Ltd (LON:SCH) today announce that they have reached an agreement on the terms of a recommended all cash acquisition by Nuvei, through its wholly-owned indirect subsidiary, Nuvei Bidco, of the entire issued and to be issued ordinary share capital of SafeCharge.

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 this Announcement).

In addition, SafeCharge shareholders shall remain entitled to receive the previously announced final dividend of 7.22 pence (payable in Sterling and equivalent to $0.0945 based on a GBP/USD exchange rate of $1.3085 to £1, being an exchange rate set by SafeCharge on 12 March 2019) per SafeCharge Share (subject to shareholder approval at the annual general meeting of SafeCharge to be held today) payable on 24 May 2019.

Under the terms of the acquisition, the fully diluted share capital of SafeCharge is valued at approximately $889 million (£699 million at the Announcement Exchange Rate).

The SafeCharge Board believes the terms of the acquisition are in the best interests of SafeCharge Shareholders as a whole and intends to recommend unanimously that SafeCharge Shareholders vote to approve the Scheme at the Scheme Court Meeting.

Nuvei and Nuvei Bidco have also received an irrevocable undertaking to vote to approve the Scheme at the Scheme Court Meeting and vote in favour of the resolutions to be proposed at the General Meeting from Northenstar Investments Ltd, an investment holding company controlled by Teddy Sagi, SafeCharge’s majority shareholder, in respect of 103,995,185 SafeCharge Shares representing approximately 68.3% of the SafeCharge Shares in issue on the Last Practicable Date.

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.

It is expected that the Scheme Court Meeting and the General Meeting will take place in July 2019. Subject to the satisfaction or waiver of all relevant conditions, it is expected that the Scheme will become Effective in the third quarter of 2019.

Read this next

Digital Assets

Mike Novogratz’s Galaxy Digital expands in Europe

Galaxy Digital, the New York-based cryptocurrency financial services company founded by Mike Novogratz, is expanding its presence in Europe by appointing Leon Marshall as its first European CEO.

Metaverse Gaming NFT

Turingum Partners with MarketAcross to Drive Web3 Adoption in Global and Japanese Markets

Global blockchain PR leader MarketAcross joins forces with Japanese Web3 specialist Turingum to mutually expand its market reach, aiming to fortify Turingum’s worldwide footprint and MarketAcross’s presence in the lucrative Japanese blockchain landscape.

Digital Assets

Binance to delist all stablecoins in Europe next year

During a public hearing with the European Banking Authority (EBA), an executive from Binance said that the exchange could ultimately delist stablecoins from its European platforms by June 30, 2024.

Industry News

“Unconscionable conduct”: ASIC fines National Australia Bank $2.1m for overcharging customers

NAB faces a $2.1 million penalty for unconscionable conduct, as the Federal Court rules the bank knowingly overcharged customers, and took over two years to rectify the situation.

Industry News

SEC charges $15 million Ponzi scheme targeting Mexican-American community

Armando Gutierrez Rosas purportedly intended to invest these funds in U.S. real estate and mining operations in Mexico, assuring investors of monthly returns as high as 10 percent. Instead, Gutierrez operated a Ponzi scheme, diverting investor funds to cover his personal expenses, which notably included the acquisition of a $2.5 million mansion in Texas.

Digital Assets

Chainlink launches cross-chain interoperability protocol on Arbitrum One

Chainlink and Arbitrum join forces to bring the Chainlink Cross-Chain Interoperability Protocol (CCIP) to Arbitrum One, offering Web3 developers a powerful tool to build secure and interconnected applications across blockchains.

Executive Moves

STT appoints Brian Saldeen as Senior Risk & Margin Product Manager

Sterling Trading Tech welcomes Brian Saldeen to spearhead the development of their Risk & Margin offering, bolstering their cutting-edge solutions in the capital markets.

Industry News

Altruist eliminates brokerage account fees for advisors who choose their custody

Altruist, the modern custodian for independent RIAs, takes a bold step by eliminating portfolio accounting software expenses for all Altruist brokerage accounts, potentially saving advisors tens of thousands annually.

Retail FX

Exploring India’s Forex Market Timings With Insights From Experts

Traders Union experts identify the most profitable Forex trading windows for Indians as between 6.00-12.00 GMT and 18.00-0.00 GMT, emphasizing the importance of timing and market conditions in a rapidly evolving Indian financial landscape.

<