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Mon 19 Aug 2013 11:38 AM

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Bahrain’s Investcorp confirms Skrill sale

Alternative investment firm sells UK payments company for €600m

Bahrain’s Investcorp confirms Skrill sale

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 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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Uzma Asghar 5 years ago

It is a Good Replacement of Paypal , have competitive Prices , People From Bangladesh, Pakistan , & other Countries are using it as paypal doesn't provide Services in Lots of Countries .