Optimal Payments will buy Skrill Group for an enterprise value of around £800 million, as part of a plan to expand its online payment and digital wallet service.
The online money transfer company will acquire Sentinel Topco Ltd and its Skrill Group units from CVC Capital’s Sentinel Group Holdings SA, Investcorp Technology Partners and other shareholders, Reuters reported.
The deal is expected to close by the third quarter of 2015, and will give Sentinel Group Holdings SA a 7.9 per cent stake in Optimal Payments.
“We are taking advantage of an exceptional opportunity to acquire a business we know very well which, combined with Optimal Payments, will be a leading UK based online payments business with the essential scale necessary to be highly successful,” said Dennis Jones, Optimal’s chairman. “These opportunities are few and far between.”
There’s more signs of consolidation in the crowded European payments space with news that Stockholm-based iZettle is buying a company called intelligentpos.
MasterCard has bought Vocalink for £700m ($920m) in a deal that has been rumoured for months.
Oh, what we wouldn't do to know the future! Like Biff and the Almanac in Back to the Future, all we need is a guide. Luckily the team over at Pivotl is on hand to give us one for the future of fintech.
In a sign of the increasing importance of optimising the value of online and offline customer interactions and understanding multichannel customer analytics, UK venture builder Blenheim Chalcot is snapping up customer journey analytics firm iJento.