Israeli fintech Pioneer to be sold to Canada’s Nuvei for $2.75 billion in cash
Israeli fintech company Pioneer is being sold for $2.75 billion in cash to the Canadian payments company Nuvei. Nuvei has previously made acquisitions in Israel, including Simplex and SafeCharge, the company founded by Teddy Sagi.
Pioneer provides an international money transfer and payments platform for businesses, freelancers, ecommerce merchants and service providers around the world. The company closed on Nasdaq on Friday with a market value of $2.26 billion.
The deal values Pioneer at a 21% premium to its last closing share price on Friday. Its stock had already jumped sharply over the past week after Reuters first reported the negotiations between the two sides.
The sale comes exactly five years after Pioneer went public on Wall Street through a SPAC merger at a $3.3 billion valuation. That means the company’s public-market run did not generate a positive return for shareholders, since the sale price is about 17% below its IPO valuation.
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