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.”
Whitepapers
Related reading
The payments industry’s most significant acquisitions of 2017
Our round-up of 2017's deals that will have the biggest impact on the payments ecosystem.
“The markets will remain healthy and conducive to fintech companies”: Tony Seto, Freeman & Co. ED Pt.2
In part two of the interview, Tony Seto discusses the main trends in the fintech market and why mobile payments will continue to garner a lot of attention in the US.
CMA accepts Mastercard’s proposal to address competition concerns following the acquisition of VocaLink
The deal, which was first announced in July 2016, should now be concluded quickly.
PayPal to acquire TIO Networks for $233 million
PayPal CEO Dan Schulman is attempting to make good on his promise to better serve the unbanked.