On Aug. 3, 2021, Nuvei Corporation ("Nuvei") completed its acquisition of Mazooma Technical Services Inc. ("Mazooma"), a U.S.-focused gaming and sports wagering payment technology provider, for approximately US$56 million, plus additional consideration of up to a total maximum of approximately US$315 million, subject to the achievement of specific performance criteria over a maximum three-year period from the closing date.
Nuvei is a global payment technology partner of brands. Nuvei aims to provide businesses with the intelligence and technology they need, through one integration. Uniting payment technology and consulting, Nuvei seeks to help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Its proprietary platform provides pay-in and payout capabilities and connects merchants with their customers in 204 markets worldwide, with local acquiring in 45 markets. It offers supports for over 480 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies.
Mazooma is an account-to-account payments provider in U.S. online gaming and sports betting, and is a registered vendor in nine states, with permission in 12 states. It holds money transmitter licenses and exemptions in a total of 47 states. Mazooma's Instant Bank Transfer payment solution features same-day Automated Clearing House for pay-ins and payouts, and through a partnership with Plaid, is connected to 11,000 financial institutions in the U.S.
The transaction enhances and expands Nuvei’s portfolio of North American payment options, with instant bank-to-bank payments for pay-ins and payouts, as well as real-time payments for accelerated withdrawals, allowing customers to receive payouts immediately into their bank accounts. While originally developed for the U.S. online gaming and sports betting market, Nuvei will offer this payment method to its merchants across all verticals.
Bennett Jones LLP acted as Canadian counsel to Mazooma, with a team led by
and which included
Laura James (corporate),
Aleksandra Finelli (real estate),
James Morand (tax),
Jordan Fremont (pensions),
Sarah Gilbert (environmental),
Sebastien Gittens (IP),
Talia Bregman (employment).
Fasken Martineau DuMoulin LLP acted as Canadian counsel to Nuvei with a team including
Felicia Yifan Jin,
Foley & Lardner LLP acted as U.S. antitrust counsel to Nuvei with a team led by
Baker & Hostetler LLP acted as U.S. counsel to Mazooma with a team led by
and which included
Waller Lansden Dortch & Davis, LLP acted as U.S. counsel to Nuvei with a team led by
Ifrah Law PLC acted as U.S. regulatory counsel to Nuvei with a team including
Segev LLP acted as Canadian regulatory counsel to Nuvei with a team including