Why Paya Holdings Shares Are Skyrocketing

Paya Holdings Inc PAYA shares are trading higher by 24.52% to $9.70 Monday morning after Nuvei entered into a definitive agreement to acquire the company for $9.75 per share in cash.

The purchase price represents a 25% premium to the January 6, closing price and a 30% premium to the 90-day volume-weighted average share price.

"The proposed acquisition of Paya is a powerful next step in the evolution of Nuvei, creating a preeminent payment technology provider with strong positions in global eCommerce, Integrated Payments and business-to-business", said Philip Fayer, Nuvei's Chair and Chief Executive Officer.

"The proposed transaction will combine two people-first, technology-led, high-growth payment platforms. It will accelerate our integrated payment strategy, diversify our business into key high-growth non-cyclical verticals with large addressable end markets and enhance the execution of our growth plan."

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According to data from Benzinga Pro, PAYA has a 52-week high of $9.72 and a 52-week low of $4.51.