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MONTREAL — Nuvei Corp. says it lost US$4.8 million in the first quarter of 2024, compared with a loss of US$8.3 million a year earlier.

The Montreal-based fintech company says revenues were US$335.1 million, up from US$256.5 million during the same quarter last year. 

Net loss per diluted share was five cents US, compared with seven cents US a year earlier. 

Just over a month earlier, the company said it was going to be taken private by U.S. private equity firm Advent International in a deal valuing the company at about US$6.3 billion. The all-cash transaction values Nuvei's shares at US$34 each. 

The deal is expected to close in late 2024 or the first quarter of 2025. 

Nuvei went public less than four years ago, in what was the Toronto Stock Exchange’s largest tech IPO ever. 

The privatization deal got the OK from existing Canadian shareholders, Nuvei CEO Philip Fayer, private equity firm Novacap and pension fund CDPQ.

Fayer, who founded Nuvei in 2003, will indirectly own or control about 24 per cent of the equity in the new private company, with Novacap holding 18 per cent and CDPQ owning 12 per cent. 

Fayer will remain as the company’s chair and chief executive. 

Nuvei previously said it will benefit from the significant resources, operational and sector expertise brought by Advent, as well as the capacity for investment.

Advent, founded in 1984, had US$91 billion in assets under management as of Sept. 30. The company is focused on business and financial services, health care, industrial, retail, consumer, leisure and technology investments. 

In light of the proposed deal, Advent says that going forward it will suspend earnings conference calls as well as the practice of providing a financial outlook. 

-- With files from Tara Deschamps

This report by The Canadian Press was first published May 7, 2024.

Companies in this story: (TSX:NVEI)

The Canadian Press