UK | Online payment provider Optimal Payments said it reached an agreement to buy Sentinel Topco Limited and its various subsidiaries including online payments firm Skrill. As part of the deal, Optimal Payments' subsidiary Netinvest Limited is to acquirer the entire shared capital of Skrill for 720 million euro (781 million US dollar). The acquisition is expected to be completed by the third quarter of this year.
Optimal stated that the new combined company would be well positioned to capitalise on the expanding payment processing and digital wallet markets, particular within the online gambling sector. The deal will be both “transformational and value enhancing” for the company, enabling it to create a “leading payment and digital wallet provider with significant international scale and reach”.
Global Payment Tech Champion
"Over the past four years, we have successfully delivered significant growth in revenues and earnings for our shareholders. This growth resulted from executing our strategy to generate high levels of organic growth supplemented by accretive acquisitions.
The acquisition of Skrill will create a global tech champion in the fast growing digital payments space, and we believe represents a transformational leap forward that greatly accelerates our strategic plan", said Joel Leonoff, president and chief executive officer of Optimal Payments.
Skrill has been moving money digitally since 2001 and is now one of world's leading digital payments companies, with 560 people from 30 nationalities working in our London headquarters and offices throughout Europe and the USA. Over 36 million account holders already trust Skrill to send and receive money worldwide in 200 countries and 40 currencies, securely and at low cost, without revealing their personal financial details.
Skrill's worldwide payment network lets businesses extend their reach globally with over 100 local payment options, answering to the needs of over 156,000 businesses with everything from a one-step integration to a fully-tailored payment solution. For more information check out Skrill's profile on About-Payments and read our Skrill Spotlight article (August 2014).
About Optimal Payments
Optimal Payments is a global provider of online and mobile payment processing services to thousands of merchants and millions of consumers. Optimal Payments move billions of US dollars per year securely in and through over 200 countries and territories with over 100 types of payment and multi-currency options. Optimal Payments services are delivered through their well-known brands: NETBANX, NETELLER, Net+ and Optimal Payments Card Services.
In November last year, Optimal Payments launched its Merchant Acquiring Service in Europe, following the announcement in January 2014 that Optimal Payments had obtained principal membership status for merchant acquiring from MasterCard Europe and Visa Europe.
Article sourced from Reuters, March 23rd, 2015