SafeCharge has announced its board has recommended a sale to payment technology network Nuvei for £699m.
The all-cash deal would see Nuvei – formerly known as Pivotal Payments – take on all SafeCharge shares, which have been valued at £4.36 each.
That represents a premium of 25 per cent against the closing price of £3.50 prior to the announcement and 56 per cent against the six-month average of £2.79.
The proposed acquisition will now be put before shareholders at today’s AGM.
Roger Withers, Chairman of 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 that the board is unanimously recommending this transaction to SafeCharge shareholders."
Commenting on the acquisition, Philip Fayer, chairman and CEO of Nuvei, said: "We are very excited about the combination of SafeCharge and Nuvei, which will create a truly global, leading, payments technology solution provider with significant scale.
“Our businesses are highly complementary from multiple perspectives including geography, technology, key verticals and customers.
“We think the technology platform SafeCharge has developed is exceptional and will serve as the go-forward foundation from which we will continue to grow the combined business and provide best-in-class products and services to our customers and partners.
“Lastly, we look forward to welcoming SafeCharge's highly experienced management team and employees to the Nuvei family."
