European Commission will not oppose Advent’s acquisition of Nuvei

The European Commission will not oppose the proposed takeover of payment technology provider Nuvei by private equity firm Advent International.

Director General of the European Commission Olivier Guersent informed buyers of the decision on Tuesday (July 16) letterstating that the agreement is compatible with the internal market and With Agreement on the European Economic Area (EEA).

The proposed takeover has also been approved by China, With Canadian court AND With shareholders, Seeking Alpha reported Wednesday (July 17).

Shareholders approved the transaction on June 18, after Nuvei advised them to do so, stating that the deal was “in the best interest of the company … and represents an increase of approximately 42% over the consideration initially proposed by Advent.”

Nuvei announced $6.3 billion April 1 agreement with Nuvei’s CEO Philip Fayerwho will control nearly a quarter of the privately held company, saying in a press release that the deal marks “the beginning of an exciting new chapter for Nuvei.”

“Our strategic initiatives have always focused on accelerating revenue for our customers, driving innovation in our technology and developing our people,” Fayer said in a release. “Bringing in a partner from such our extensive experience in the payments sector will continue to support our growth.”

Private provides companies with a strategy to capitalize on market opportunities without the need for market valuation on public exchanges every dayPYMNTS reported on April 2.

In time Since the proposed deal was announced, Nuvei has continued to add products and partnerships.

On April 11, the company announced the launch of a service enabling entrepreneurs to access its Invoice financing solutions directly in enterprise resource planning (ERP) systems.

The company’s invoice financing solutions enable businesses to access cash within 24 hours by converting unpaid invoices into immediate working capital and increase cash flow with one-click financing integrated with your ERP system.

Nuvei announced a partnership with Mastercard on Thursday (July 11) to help consumers make the switch digital assets for fiat money.

This partnership is open to consumers in Europe and allows them to convert assets using debit and credit cards AND prepaid cards, the companies said when announcing the partnership.