keep a "substantial" minority position
Bahrain-based Investcorp has agreed to sell British online payments services firm Skrill Group to private equity group CVC Capital Partners for EUR600m (USD800m).
As part of the deal, Investcorp will keep a “substantial” minority position in the company and retain a seat on Skrill’s board, the company said in an emailed statement. It did not elaborate on the size of the stake.
Investcorp Technology Partners, the private equity firm’s technology arm, bought Skrill, or Moneybookers as it was formerly called, for EUR105m in March 2007, according to Thomson Reuters LPC data.
At the time of the acquisition, Skrill generated revenues of EUR7.8m and earnings before interest, taxes, depreciation and amortisation of EUR3.7m. It now employs about 700 people and in 2012, generated over EUR200m in revenues and EUR50m in EBITDA, Investcorp said.
Barclays advised the Bahraini firm on the sale.
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