b'A Border Crossedand UncrossedNuvei is a Montreal-based company that continues to experience significant growth in its digital payments business. This presented an opportunity that did not go unnoticed. Philip Fayer and Novacap Management saw that the prospects for accelerating innovation and growth could be enhanced by taking the company private. And this is exactly what they have done. This going private transaction is one of the largest Canadian private equity transactions in recent years. The total deal size is approximately $6.3 billion. As one might expect, this going private transaction had considerable complexity. Advent acquired all of Nuveis outstanding subordinate voting shares and non-rolled voting shares. Our client, one of Canadas largest and best regarded pension funds, like Fayer and Novacap, rolled a significant amount of its holdings, thereby retaining an ownership stake in the newly private company. This going private transaction was consummated in accordance with the provisions of the Canada Business Corporations Act, and after having received the approval of the Superior Court of Quebec (Commercial Division). As Nuvei was dual-listed in Canada and the United States, the U.S. SECs going private rules were also applicable. While going private transactions are far from commonplace in the United States, going private transactions involving dual-listed companies occur quite infrequently. We advised on U.S. regulatory and governance matters. We negotiated and drafted a number of key documents, addressed SEC comments, and were an active and enthusiastic partner in ensuring compliance across jurisdictions. The transaction was shortlisted by IFLR for the 2025 Debt and Equity-Linked Deal of the Year award.Following the closing, Nuvei was delisted in both Canada and the U.S., and the company began the next phase of its life as a privately held company. For our client, this successful transaction represented a significant rein-vestment, and vote of confidence, in a high-performing Canadian fintech. 20'