Bloomberg Law
Sept. 24, 2020, 3:46 PM

Record Canada Tech IPO Rewards CEO Who Shunned a Sale to Rival

Sandrine Rastello
Sandrine Rastello
Bloomberg News

The biggest technology stock sale in Toronto Stock Exchange history almost didn’t happen.

In 2017, Nuvei Corp. Chief Executive Officer Philip Fayer faced a dilemma: he was in talks to sell his payments company to a competitor when Canadian private-equity firm Novacap Management Inc. approached him to invest.

The first option was more lucrative, but had him worried about the future of the Montreal-based business he’d created 14 years earlier. He went with the second, which gave him much needed runway to continue an expansion into e-commerce, especially as it also brought Quebec’s C$333 billion ($248 billion) pension fund ...

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