Payment Company Nuvei Gets Investor Suit Over Paya Deal Tossed

Canadian payment processing company Nuvei Corp. didn’t breach a merger agreement when acquiring Paya Holdings Inc. because it wasn’t required to purchase all outstanding shares of the acquisition target, a Delaware federal judge said in an opinion dismissing a shareholder lawsuit.

Paya investors alleged Nuvei refused to accept tender of their stock shares at $9.75 per share after agreeing to pay them as part of its deal completed Feb. 22, 2023. But Nuvei did so after Paya shareholders had already forfeited their shares, Judge Gregory B. Williams of the US District Court for the District of Delaware said in a ...