Canadian payment technology firm Nuvei has closed the takeover of peer SafeCharge International Group for around $889m.

The all-cash transaction was announced in May this year.

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The deal is said to bolster the reach of Nuvei, which mainly serves SMBs in the US as well as Canada.

On the other hand, SafeCharge caters to large scale merchants. The firm has operations in Europe, Asia, and Latin-America.

Its proprietary platform directly connects to major payment card schemes and supports more than 150 local payment methods.

Commenting on the deal, SafeCharge CEO David Avgi said: “We are thrilled to be part of a bigger entity to further the adoption of the most innovative payments technology globally.

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“The move will also provide our employees with more long-term career opportunities and be part of a global company, which we can all be very proud of.”

The merged group will be based in Montreal, Quebec.

Nuvei chairman and CEO Philip Fayer said: “Thanks to SafeCharge’s technology platform, we’ve enhanced our ability to deliver powerful payment solutions to our technology partners, merchants and resellers.

“With offices across 14 countries and unparalleled fintech expertise, we’ve transformed our combined organisation into a diversified, global payments leader with massive scale and reach.”