By Daniel Shane
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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 .