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Nuvei prices shares of IPO

2020-09-17 00:33 ET - News Release

An anonymous director reports

NUVEI CORPORATION ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING

Nuvei Corp. has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces and territories of Canada and has entered into an underwriting agreement in respect of its initial public offering consisting of a treasury offering by the company and a secondary offering by certain funds managed by Novacap Management Inc. of an aggregate of 26,923,077 subordinate voting shares of the company at a price of $26 (U.S.) per share, above the initial marketing range of $20 (U.S.) to $22 (U.S.) per share, for aggregate gross proceeds of $700-million (U.S.), with the company and the selling shareholders receiving gross proceeds of $625-million (U.S.) and $75-million (U.S.), respectively. The offering is expected to close on Sept. 22, 2020, subject to customary closing conditions.

The Toronto Stock Exchange has conditionally approved the listing of Nuvei's subordinate voting shares subject to fulfilling the customary listing requirements. The shares are expected to begin trading on the TSX on an if, as and when issued basis on Sept. 17, 2020, in Canadian dollars under the symbol NVEI and in U.S. dollars under the symbol NVEI.U.

The offering is being made through a syndicate of underwriters led by Goldman Sachs Canada Inc., Credit Suisse Securities (Canada) Inc., BMO Capital Markets and RBC Capital Markets as joint active bookrunners, Citigroup Global Markets Canada Inc. and Merrill Lynch Canada Inc. as bookrunners, and National Bank Financial Inc., Scotiabank, TD Securities Inc., CIBC Capital Markets, Raymond James Ltd., Cowen and Company LLC, Stifel Nicolaus Canada Inc., and William Blair & Company LLC.

The company has also granted to the underwriters an overallotment option to purchase up to an additional 4,038,462 subordinate voting shares from treasury at the offering price for additional gross proceeds to the company of $105-million (U.S.) if the option is exercised in full. The overallotment option can be exercised for a period of 30 days from the closing date of the offering.

A copy of Nuvei's supplemented PREP prospectus will be available on SEDAR on Sept. 17, 2020.

About Nuvei Corp.

Nuvei is the payment technology partner of thriving brands. It provides the intelligence and technology businesses need to succeed locally and globally, through one integration -- propelling them farther, faster. Uniting payment technology and consulting, the company helps businesses remove payment barriers, optimize operating costs and increase acceptance rates. Its proprietary platform offers direct connections to all major payment card schemes worldwide, and supports 450 local and alternative payment methods (assuming the successful completion of the company's acquisition of Cooperatieve Vereniging Smart2Pay Global Services UA) and nearly 150 currencies. The company's purpose is to make the world a local marketplace.

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