Canadian payments technology company Nuvei’s unit Nuvei Bidco is set to buy Israeli payment solutions company SafeCharge International Group Ltd.
Controlled by Teddy Sagi at a company value of $889 million, the companies said SafeCharge shareholders would receive $5.55 in cash for each share held, representing a 25 per cent聽premium to the stock鈥檚 Tuesday closing price.
Controlling shareholder Teddy Sagi will receive $570m for his stake in the company.
Sagi said: 鈥淚 am very proud that SafeCharge has attracted the interest of an international investor of the calibre of Nuvei. SafeCharge is an excellent payments and technology company with strong growth potential and talented employees and management.鈥�
SafeCharge held its IPO on London’s Alternative Investment Market in 2014 at a company value of 拢243.
The company’s market cap at end of trading on Tuesday was 拢530m and it is now being acquired at a value of 拢699 million.
鈥淲e are very pleased not only with the return on investment, but also that SafeCharge鈥檚 impressive track record and technology has attracted a bidder of Nuvei鈥檚 calibre,鈥� said a Globe Invest senior executive and director of Northenstar.
鈥淲e are delighted that SafeCharge can become part of the Nuvei鈥檚 family and its expansion plans.鈥�
Sagi added: 鈥淚 remain very proud of SafeCharge and its growth whilst on the public markets.
鈥淚t is an excellent payments and technology company which will derive huge benefits from the highly complementary nature of the combination with Nuvei.
鈥淭his deal not only delivers a solid shareholder return but also gives SafeCharge a bigger platform for the next phase of its growth.
鈥淚 am delighted that SafeCharge鈥檚 culture of excellence, its product portfolio and technology has been singled out by Nuvei, a company with the same core values and business strengths.
鈥淚 would also like to thank SafeCharge鈥檚 board and employees, who have made a substantial contribution over the years to SafeCharge鈥檚 impressive achievements.鈥�
SafeCharge has 400 employees with offices in the UK, Bulgaria, Austria, the Netherlands, Singapore, Cyprus, Hong Kong, China and the US.