Nuvei, a payment technology firm in Montreal, has agreed to buy Paya Holdings, an integrated payments platform based in Atlanta.
Nuvei will buy Paya from GTCR, a private equity firm, in an all-cash transaction with a total enterprise value of about $1.3 billion.
Paya serves clients in the B2B, government, utilities, nonprofit and health care markets. The company processes more than $45 billion of annual payment volume.
GTCR bought Paya in 2017. Paya became a Nasdaq-listed public company in October 2020.
“We see a very bright future for Paya with Nuvei,” Jeff Hack, Paya’s CEO, said in the release.
“GTCR has been an exceptional partner,” Hack added. “They have worked closely with management to transform our business and their contributions to Paya’s strategy and success have been invaluable.”
JP Morgan Securities, Raymond James and Kirkland & Ellis advised Paya. Simpson Thacher & Bartlett advised GTCR.