Advent to acquire Nuvei: Private equity firm Advent International is reportedly in advanced negotiations to acquire Nuvei, a Canadian payments technology company, according to a source familiar with the matter. The deal, if finalised, would mark a major take-private transaction amidst a slowdown in private equity dealmaking.

Although the terms of the potential deal were not disclosed, it is anticipated that an announcement could be imminent, although discussions are ongoing and subject to change.

Nuvei, which boasts a market capitalisation exceeding $3 billion, has garnered attention not only for its technological expertise in the payments sector but also for its association with actor Ryan Reynolds, who has provided financial backing. This potential acquisition would follow a trend set by Reynolds, whose Mint Mobile was acquired by T-Mobile for approximately $1.35 billion last year.

Nuvei's performance has been scrutinised, particularly following its acquisition of Paya Holdings for $1.3 billion in the previous year, with allegations of market share loss and subsequent stock price fluctuations. However, the company, which went public in September 2020, continues to provide technology services for a wide range of clients, including major corporations like General Motors and Microsoft.

The financial services sector has seen increased deal activity in recent months, exemplified by Capital One's agreement to acquire Discover Financial for $35.3 billion. Additionally, Shift4, another prominent payments processor, is reportedly in discussions for acquisition by potential buyers including Fiserv.

Despite the challenges posed by competition and inflation, payments processors like Nuvei have capitalised on the digital payment trend accelerated by the COVID-19 pandemic. However, Nuvei's stock performance has seen a decline from its peak, reflecting broader market conditions and industry dynamics.

(With Reuters inputs)