Alternative investment firm sells UK payments company for €600m
Bahrain-based Investcorp has confirmed the sale of UK online payments firm Skrill to CVC Capital Partners for €600m ($794m).
As part of the agreement, Investcorp will keep a “substantial” minority shareholding in Skrill, as well as keep a seat on the London-based firm’s board.
The deal was initially reported by Bloomberg earlier this week. A statement from Investcorp said that Britain’s Barclays had advised on the sale.
Investcorp Technology Partners, the fund’s technology arm, bought Skrill, or Moneybookers as it was formerly called, for €105m ($139m) in March 2007.
Skrill is available in 200 countries and territories, offering 100 local payment options and 40 currencies, according to Investcorp's website.
It has grown its EBITDA from £8.9m ($13.9m) 2007, Thomson Reuters data shows, having expanded through the acquisition of Austrian firm paysafecard.com for around €140m in July 2012.
Earlier this month alternative investment specialist Investcorp acquired UK-based crisp and savoury snack firm Tyrrells from Langholm Capital for £100m.
Investcorp recently reported a 56 percent rise in full-year net income, aided by strong growth in fee income.
Investcorp, which expects to fully invest its $1bn Gulf fund in 2013, made a net profit of $104.9m in fiscal year 2013 ended in June, compared with $67.4m in the previous year.
Fee income at the company, which previously took luxury brands Gucci and Tiffany public, rose 40 percent to $329.5m, Investcorp said at a news conference in Dubai.
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