Stock Market Today, June 9: Payoneer Global Surges on Reports of $2.7 Billion Nuvei Acquisition Offer

Today’s Change

(24.32%) $1.25

Current Price

$6.39

Key Data Points

Market Cap

$2.1B

Day’s Range

$5.17 – $6.64

52wk Range

$4.08 – $7.67

Volume

10K

Avg Vol

4.7M

Gross Margin

78.52%

Payoneer Global (PAYO +24.32%), a cross-border payments platform, closed Tuesday at $6.39, up 24.32%. The stock jumped after reports that Canadian payments firm Nuvei is in advanced talks to acquire Payoneer for about $2.7 billion. Trading volume reached 51.7 million shares, about 1,005% above its three-month average of 4.7 million shares. Payoneer Global IPO’d in 2020 and has fallen 34% since going public.

How the markets moved today

The S&P 500 slipped 0.26% to finish Tuesday at 7,386, while the Nasdaq Composite lost 0.97% to close at 25,679. Within the financial technology sector, rival PayPal closed at $41.46, up 0.48%, as investors weighed ongoing digital payments adoption alongside deal speculation around Payoneer Global.

What this means for investors

Just two years after private equity firm Advent International acquired Nuvei for $6.3 billion, the acquiree is trying to make a purchase of its own, offering $2.7 billion for Payoneer Global. However, even after Payoneer Global’s stock jumped 24% today, its market cap of $2.15 billion still sits 25% below Nuvei’s offer — so the market isn’t fully convinced the deal will reach the finish line just yet.

Payoneer specializes in digital payments and cross-border transfers and would seem to fit in nicely alongside Nuvei’s primary business of payment acceptance solutions for merchants. Shareholders may be in a tough spot, though, as Payoneer’s revenue growth has slowed dramatically, so it may not feel like a great ten-year holding right now, but Nuvei’s acquisition price isn’t much higher than the stock’s 52-week high.