M&A

Nuvei agrees to acquire US payment provider Mazooma

| By Robert Fletcher
Payment technology partner Nuvei Corporation has entered into a definitive agreement to acquire US-focused gaming and sports betting payment technology provider Mazooma Technical Services.

The deal is worth an initial $56m (£41m/€47m), but could be worth up to $315m if specific performance criteria are met over the three years after the acquisition closes.

Approximately 24% of the consideration is expected to be paid via the issuance of subordinate voting shares, with the remainder to be settled in cash.

The deal remains subject to the prior approval of the Toronto Stock Exchange, as well as customary closing conditions, but is expected to close during the second quarter of this year.

Mazooma is a registered vendor in nine states across the US, with permission in 12 states, and holds money transmitter licenses and exemptions in a total of 47 states.

Read the full story on iGB North America.

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