22nd May 2019 12:48
LONDON (Alliance News) - SafeCharge International Group PLC has agreed a USD889 million takeover deal with Nuvei Corp, SafeCharge said Wednesday.
Nuvei is offering USD5.55 per share in cash, equivalent to GBP4.36. This is a 25% premium to SafeCharge's GBP3.50 closing price in London Tuesday, and 23% higher than SafeCharge's all-time high of GBP3.55 in June 2018.
SafeCharge shareholders will still get their previously announced 7.22 pence dividend.
SafeCharge shares were 22% higher on Wednesday afternoon at a price of 426.70p each.
Roger Withers, the chair of payments firm SafeCharge, said: "The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge shareholders."
"The price premium Nuvei is offering reflects SafeCharge's leading position in the high growth e-commerce payments market, the strength of its own technology platform, its diversified and stable customer base and the significant experience in the payments industry of SafeCharge's management team. It is for these reasons the board is unanimously recommending this transaction to SafeCharge shareholders."
This deal follows another payments firm, Earthport PLC, agreeing earlier this year a GBP247 million takeover deal with US giant Visa Inc.