Canada's Nuvei to buy Sagi's SafeCharge for $889m

Teddy Sagi Photo: Yonatan Bloom

Controlling shareholder Teddy Sagi will receive $570 million for his stake in the Israeli payment solutions company.

Canadian payments technology company Nuvei's unit Nuvei Bidco is set to buy Israeli payment solutions company SafeCharge International Group Ltd (AIM:SCH), controlled by Teddy Sagi, at a company value of $889 million. The companies said SafeCharge shareholders would receive $5.55 in cash for each share held, representing a 25% premium to the stock’s Tuesday closing price. The share price is up 22% in London today.

Controlling shareholder Teddy Sagi will receive $570 million for his stake in the company.

SafeCharge held its IPO on London's Alternative Investment Market in 2014 at a company value of £243 million. The company's market cap at end of trading on Tuesday was £530 million and it is now being acquired at a value of £699 million.

SafeCharge has 400 employees. The company's R&D and technical support teams are based in Israel on an entire floor of the Azrieli Sarona tower in Tel Aviv. The company also has offices in the UK, Bulgaria, Austria, the Netherlands, Singapore, Cyprus, Hong Kong, China and the US. SafeCharge's customers include Gett, Nayax, El Al, Nespresso, Pango, Migdal Insurance, and more. The company is licensed by the European Payments Institutions Federation and over the past year has received a UK license from the British regulator ahead of Brexit. The company fully owns Credit Guard, a leading payments provider in Israel.

Published by Globes [online], Israel business news - en.globes.co.il - on May 22, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Teddy Sagi Photo: Yonatan Bloom
Teddy Sagi Photo: Yonatan Bloom
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