SafeCharge, the Teddy Sagi-owned payment processor popular with online gambling firms, has been acquired by North America-based Nuvei Corp in a deal worth $889m.

On Wednesday, Nuvei (which rebranded from Pivotal Payments last October) announced that it had made an all-cash offer of 436p per share – a 25% premium over Tuesday’s closing price – to acquire payment processor SafeCharge International Plc, which would value the UK-based firm at around £700m.

SafeCharge CEO David Avgi said the deal would enable his company “to benefit from Nuvei’s North American footprint and sales and marketing capacity to fulfill and accelerate its growth ambitions.” Nuvei CEO Philip Fayer agreed, saying the deal creates a truly global firm with “significant scale.”

SafeCharge is 68.3% owned by Sagi, the founder of gambling technology supplier Playtech. Sagi has been steadily divesting himself of gambling-related holdings in favor of buying up huge swathes of UK real estate, including key areas of London’s Camden Town. Sagi has already agreed to Nuvei’s offer, and SafeCharge’s board (surprise!) unanimously concurred with Sagi’s choice.