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  "documentTitle": "Nuvei Corp (NVEI)",
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      "text": "Nuvei paid approximately $97 million for Base Commerce, yet incurred a suspiciously low $268k of acquisition costs expensed through SG&A. M&A transaction costs typically range from 1-3% for deals under $100m, thus making the 0.28% cost to acquire Base Commerce highly unusual.",
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      "text": "Nuvei paid approximately $97 million for Base Commerce, yet incurred a suspiciously low $268k of acquisition costs expensed through SG&A.",
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      "text": "Deal Costs in SG&A as a % of Deal Value: 0.28%",
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      "text": "On January 1, 2021, the Company acquired substantially all of the net assets of Base Commerce LLC (\"Base\"), a technology-driven payment processing company specializing in bank card and automated clearing house payment processing solutions. The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. ... Acquisition costs of $268 have been expensed during the nine months ended September 30, 2021. — Nuvei Q3'21 Financials, p.9",
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      "text": "Base Commerce Transaction Discussion",
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