Paya Holdings (NASDAQ: PAYA) surged more than 50% in morning trading on Monday after the provider of integrated payment and commerce solutions announced its acquisition by Nuvei Corp. (NVEI) for $1.3 billion.
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Nuvei, the Canadian fintech firm, will pay $9.75 for every PAYA share, and the acquisition is expected to close by the end of the first quarter of this year. This purchase price indicates a 25% premium to PAYA’s closing price as on January 6, 2023.
With this acquisition, NVEI expects to enhance its ability to “execute on high-growth integrated payment opportunities” as it will provide the company access to a large and growing business-to-business (B2B) market.