Payoneer Global Inc (PAYO.O): Nuvei to Acquire Payoneer for $2.75B; Lower to Neutral/HR $7.40 TP

Research evidence excerpt

Payoneer Global Inc (PAYO.O): Nuvei to Acquire Payoneer for $2.75B; Lower to Neutral/HR $7.40 TP

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15 Jun 2026 17:59:44 ET │ 13 pages

Payoneer Global Inc (PAYO.O)

Nuvei to Acquire Payoneer for $2.75B; Lower to Neutral/HR $7.40 TP

CITI'S TAKE

Nuvei (private, owned by Advent International) announced a definitive

agreement to acquire Payoneer for $7.40/sh in cash, representing total

equity value of $2.75 billion. The transaction unites Nuvei's merchant Neutral / High Risk ↓ from Buy / High Risk

payment acceptance capabilities with Payoneer's cross-border payout Price (15 Jun 26 16:00) US$7.03

network serving freelancers, suppliers, and marketplace sellers. PAYO

shares have risen 24-27% following initial deal reports. We lower our rating Target price US$7.40↓

to Neutral/HR and TP from $10 to $7.40 and see limited competing bidder from US$10.00

risk on the deal. The deal is expected to close mid-2027. Expected share price return 5.3%

Expected dividend yield 0.0%Balanced Valuation Given Macro/Execution Risks — Nuvei will pay $7.40 per share

in cash for all outstanding Payoneer shares, valuing the equity at $2.75 billion Expected total return 5.3%

($2.3bn EV). The transaction values PAYO at roughly 2.2-2.4x EV/Ex-interest Market Cap US$2,353M

Revenue (~2.5x FY’26E total revenue) and ~24-27x EV/Ex-interest EBITDA (9.5x

FY’26E total EBITDA), representing a meaningful premium to PAYO's pre-

announcement trading levels but below high growth fintech peers. While the

$7.40/share acquisition price falls meaningfully short of our $10 target, we view the

Price Performanceall-cash premium as reasonable given Payoneer's recent operational challenges,

including 40% net income decline in 2025, suspended full-year guidance due to (RIC: PAYO.O, BB: PAYO US)