Stock Market Today, June 15: Payoneer Global Jumps After Nuvei Agrees to Acquire Company for $2.75 Billion
Payoneer Global (NASDAQ:PAYO), which provides cross-border payment solutions for SMBs, closed Monday at $7.03, up 4.15%. The stock moved higher after news that Nuvei agreed to acquire Payoneer for $7.40 per share in cash. Trading volume reached 78.4 million shares, about 1,191% above its three-month average of 6.1 million shares. Payoneer Global IPO'd in 2020 and has fallen 27% since going public.
How the markets moved today
The S&P 500 rose 1.67% to 7,555, while the Nasdaq Composite gained 3.07% to finish at 26,684. Within financial technology, industry peers Paymentus closed at $21.26, up 0.66%, and Flywire ended at $15.31, gaining 4.08% as digital payments names advanced.
What this means for investors
Roughly one week after takeover buzz about Nuvei acquiring Payoneer for $2.7 billion originally hit the press, the two companies agreed to a $2.75 billion deal, confirming the rumors. Since the acquisition rumors first leaked, Payoneer stock has risen an additional 8%, narrowing the gap between its $7.03 share price and Nuvei’s updated $7.40 cash offer.
The remaining gap is only about 5%, suggesting the market believes the deal is likely to go through.
While Payoneer’s average annual sales growth was roughly 18% over the last five years, and it generated solid free cash flow (FCF), its stock struggled to take off. This languishing share price, steady double-digit revenue growth, and reasonable valuation at 19 times FCF made it a prime takeout candidate for Nuvei.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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