Optimal Payments share price: Group announces proposed acquisition of Skrill

on Mar 23, 2015

Optimal Payments (LON:OPAY), a global provider of online and mobile payment processing services, has entered into an agreement to acquire Sentinel Topco Limited and its subsidiaries (Skrill) from Sentinel Group Holdings S.A., ultimately owned by funds managed and advised by subsidiaries of CVC Capital Partners SICAV-FIS S.A., Investcorp Technology Partners, and other shareholders, for an enterprise value of approximately €1.1 billion.

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**Highlights from the company’s statement:**
The Directors believe that there is a clear and compelling strategic and financial rationale for a combination of Optimal Payments and Skrill (forming the “Enlarged Group”): Proposed acquisition by Optimal Payments of Skrill to create a leading global player in online payment and digital wallet services; Fully underwritten rights issue to raise gross proceeds of approximately £451 million; A transformational transaction that diversifies Optimal Payments’ customer base, product offering, geographic exposure and sector presence; Profit margin expansion and improved expected growth opportunities; Value uplift opportunity via significant cost-saving synergies; EPS accretive in first full fiscal year of ownership(1); Intention to seek Main Market listing and FTSE 250 Index inclusion as soon as possible after Completion.
Joel Leonoff, President and Chief Executive Officer of Optimal Payments, said: “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. The Optimal Payments Management team is extremely excited about the future prospects for the Company. The combined business will be quoted in the UK and will be of sufficient scale for us to seek a main market listing and FTSE250 inclusion as soon as possible following completion of the acquisition.”
**More to follow…**


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